Sun Communities, a REIT that owns and operates or has an interest in manufactured housing and recreational vehicle communities, has agreed to sell 100 percent of its interests in the Safe Harbor Marinas business. Affiliates of Blackstone Infrastructure will purchase the business for $5.65 billion in an all-cash transaction.
The marinas business is the largest marina and super-yacht servicing business in the United States.
Proceeds of the sale are expected to be used to support a combination of debt reduction, distributions to shareholders and reinvestment in Sun’s core businesses.
“We are very pleased with this transaction, which further accelerates Sun’s strategy to improve the company’s leverage profile and refocus on our core segments,” said Gary Shiffman, chairman and CEO of Sun. “On behalf of everyone at Sun, I would like to thank the Safe Harbor team for their dedication and hard work throughout our over four-year partnership. We anticipate tha
