Southfield, MI, April 08, 2022 (GLOBE NEWSWIRE) — Sun Communities, today announced the closing of its previously announced acquisition of Park Holidays UK. The Company acquired 40 owned and two managed communities in the UK primarily located in irreplaceable, seaside locations in the south of England.
The aggregate purchase price for Park Holidays is £950 million, or approximately $1.3 billion. The Company (i) issued SUI common stock with a value of approximately $33 million at closing, and (ii) paid the balance of the purchase price in cash.
“We are excited to welcome the Park Holidays properties, team members, holiday homeowners and guests to the Sun family, marking another important milestone in our growth and evolution. The Park Holidays’ business model is similar to and complementary with Sun’s Manufactured Housing platform,” stated John McLaren, the Company’s President and Chief Operating Officer. “Combining the strengths of our team alongside the skilled and experienced Park Holidays team, this acquisition provides us with the opportunity to establish a strong presence within the highly fragmented UK market. We look forward to executing on Sun’s proven acquisition, expansion and development strategies in the UK through Park Holidays, further expanding our best-in-class portfolio and accelerating our growth.”
“Park Holidays is thrilled to be joining the Sun Communities team. The similarities in our product offerings, operations, and culture will help us enhance our best-in-class holiday park experience for homeowners and guests. By joining the Sun platform, we can continue to scale and optimize the UK holiday park opportunity for all stakeholders,” said Jeff Sills, Park Holidays CEO.
Citigroup and Lazard acted as financial advisors to the Company and Jaffe, Raitt, Heuer & Weiss, Professional Corporation and Jones Day acted as legal advisors. HSBC and RBC Capital Markets acted as joint financial advisors to Park Holidays and Proskauer Rose (UK) LLP acted as legal advisor.
As previously communicated, the Company’s earnings guidance provided on February 21, 2022, in conjunction with its year-end earnings release included the expected contribution from the acquisition of Park Holidays.
About Sun Communities, Inc.
Sun Communities, Inc. (NYSE: SUI) is a REIT that, as of December 31, 2021, owned, operated, or had an interest in a portfolio of 602 developed MH, RV and marina properties comprising over 159,000 developed sites and over 45,000 wet slips and dry storage spaces in 39 states, Canada and Puerto Rico.
