BUZZ-Sun Communities up on Blackstone deal to buy co's safe harbor marinas unit

Reuters
02-24
BUZZ-Sun Communities up on Blackstone deal to buy co's safe harbor marinas unit

** Sun Communities SUI.N shares rise 3.2% to $130.15 in early trading

** Co to sell its Safe Harbor Marinas unit to affiliates of Blackstone Infrastructure for $5.65 billion in cash

** The base purchase price represents an approximate 21x multiple on the estimated 2024 FFO of the Safe Harbor business

** Sun Communities intends to use proceeds to support a combination of debt reduction, distributions to shareholders and reinvestment in its core businesses

** The transaction is expected to close in Q2, 2025

** Shares of Sun, which has a market cap of $16.1 billion, fell about 8% in 2024** YTD, SUI up 6%

(Reporting by Abhinav Parmar in Bengaluru)

((Abhinav.Parmar@thomsonreuters.com;))

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