Oceanico buys US golf resort

IRISH property development firm Oceanico has made its first move into the American market with the purchase of a North Carolina golf resort in a $500 million (€338m) deal.

Oceanico, which is based in the Western Algrave and run by businessmen Gerry Fagan and Simon Burgess, said yesterday that the acquisition of Little River Golf and Resort in the Pinehurst area of North Carolina was completed at the end of December.

The $500 million figure is the expected value of the resort once it is revamped over the coming five years.