Sun Communities, Inc. announced on February 24, 2025, that it has entered into a definitive agreement to sell 100% of its Safe Harbor Marinas business to affiliates of Blackstone Infrastructure for an all-cash purchase price of $5.65 billion. This transaction accelerates Sun's strategic goal of refocusing on its core manufactured housing (MH) and recreational vehicle (RV) segments.
The sale is expected to generate approximately $5.5 billion of pre-tax proceeds after transaction costs, which will be used to strengthen the company’s balance sheet. Sun Communities plans to allocate these proceeds towards debt reduction, distributions to shareholders, and reinvestment in its core MH and RV businesses.
The base purchase price represents an approximate 21x multiple on the estimated 2024 Funds From Operations (FFO) of the Safe Harbor business. The initial closing of the transaction is anticipated in the second quarter of 2025, subject to customary closing conditions.
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