By Chris Wack
Sun Communities said it has entered into a definitive agreement to sell 100% of its interests in the Safe Harbor Marinas business to affiliates of Blackstone Infrastructure for an all-cash purchase price of $5.65 billion.
Shares of Sun are 4% higher, at $131.37, in early morning trading.
The real-estate investment trust said the move accelerates its strategic goal of re-focusing on its core MH and RV segments, and provides financial flexibility.
The base purchase price represents an approximate 21-times multiple on Safe Harbor's estimated 2024 funds from operations.
The transaction is expected to produce $5.5 billion of pre-tax proceeds after transaction costs, which Sun will use for a combination of debt reduction, distributions to shareholders and reinvestment in its core businesses.
The initial closing of the transaction is expected in the second quarter of 2025. Certain properties representing about 10% of the total consideration may be transferred and paid for in one or more subsequent closings.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 24, 2025 09:47 ET (14:47 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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