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

Reuters

2025/02/24

** 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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22:56</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-Sun Communities up on Blackstone deal to buy co's safe harbor marinas unit </title></head><body><p>** Sun Communities <span>SUI.N</span> shares rise 3.2% to $130.15 in early trading</p><p>** Co <span>to sell</span> its Safe Harbor Marinas unit to affiliates of Blackstone Infrastructure for $5.65 billion in cash </p><p>** The base purchase price represents an approximate 21x multiple on the estimated 2024 FFO of the Safe Harbor business </p><p>     ** Sun Communities intends to use proceeds to support a combination of debt reduction, distributions to shareholders and reinvestment in its core businesses</p><p>** The transaction is expected to close in Q2, 2025</p><p>** Shares of Sun, which has a market cap of $16.1 billion, fell about 8% in 2024** YTD, SUI up 6%   </p><p> (Reporting by Abhinav Parmar in Bengaluru)</p><p> 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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;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}