Sun Communities (SUI) to acquire Park Holidays for $1.3 billion.

Sun Communities, Inc. (SUI) announced that it has agreed to acquire Park Holidays UK for £950 million or approximately $1.3 billion.  Park Holidays is the second largest owner/operator of holiday communities in the UK with a portfolio that includes 40 owned and two managed communities.  Park Holidays primarily rents sites for owner-occupied vacation homes on annual contracts, as well as sells vacation homes to new customers. The transaction is expected to close in the first quarter of 2022 and be accretive to 2022 Core FFO per share.

Gary A. Shiffman, Sun Communities Chairman and CEO commented: “We are incredibly excited to expand Sun’s footprint into the UK by acquiring Park Holidays, which allows us to leverage our land lease community expertise in a growing market. This transaction provides Sun with immediate scale in the UK as well as a platform for future growth in a fragmented landscape."

Sun Communities is one of the largest owner / operators of manufactured housing, RV, and marina properties in North America.   As of September 30, 2021, the portfolio included 584 properties 38 states and Canada with an aggregate 200,800 developed land sites and boat slips. SUI was established in 1975 and has a total market capitalization of approximately $27 billion.