Sun Communities sells 10.25% stake in Ingenia Communities Group for $100m
Sun Communities has sold its stake in Ingenia Communities Group, equating to an approximately 10.25 percent holding. The sale is anticipated to generate minimum net proceeds of $100 million.
In 2018, the company entered a joint venture partnership with, and concurrently subscribed for a stake in, Ingenia, an owner, operator and developer of senior manufactured housing communities and holiday resorts in Australia. In August 2023, the company agreed terms to extend its joint venture partnership with Ingenia for a further seven years.
Separate from the Sungenia joint venture, the company has decided to dispose of its direct holdings in Ingenia shares and to use the net proceeds to pay down debt.
“We are pleased we extended our joint venture partnership and look forward to continuing to work with the Ingenia team and participating in the creation and ownership of new manufactured housing communities in Australia through Sungenia,” said Gary Shiffman, chairman, p