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'Opportunity fund manager' acquires co-controlling interest in Kingsbarns Golf Links
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A stake in St Andrews

Steve Pike, Senior Writer, PGA.com, 22 August 2005

Soon after announcing its plans to develop the St. Andrews Grand at the Old Course, Wasserman Real Estate Capital, LLC has acquired a co-controlling interest in Kingsbarns Golf Links, which has become a popular golf destination.

Wasserman Real Estate Capital, LLC has acquired a co-controlling interest in Kingsbarns Golf Links near St. Andrews, Scotland. Kingsbarns, which runs along the coast from St. Andrews, has been one of Scotland's more popular golf destinations since it opened in July 2000.

Wasserman, a Providence, R.I.-based developer and opportunity fund manager, recently introduced its plans for developing the St. Andrews Grand at the Old Course, an exclusive enclave of 23 luxury residences. Renovation plans for the St. Andrews Grand, the company said, will be reminiscent of the historic Grand Hotel, today known as Hamilton Hall and the only residence on the fabled 18th green of the Old Course at St. Andrews.

Wasserman has ownership stakes in more than two dozen retail, residential and office properties around the world. "We are as much in awe of the Kingsbarns Golf Links course as we are of the future site of the St. Andrews Grand," said David Wasserman, principal of Wasserman Real Estate Capital, LLC. "Together these two projects fulfill a unique sporting experience in St. Andrews. These projects are just the beginning of our commitment to development and expansion in the United Kingdom."

Designed by Californians Kyle Phillips and Mark Parsinen, Kingsbarns is a par-72 course that extends to 7,126 yards for the championship tees features sea views along 1.5 miles of scenic coastline.

"There is a synergy between both Kingsbarns and St. Andrews Grand highlighted around the land's unique character and offerings," Wasserman said. "But beyond golf, you can tour the old country and visit historic castles, embrace the great outdoors -- hunt, fish, and hike or enjoy Fife's beach and bike trails which wind along the coast."

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