Sun Communities (SUI) to acquire 31-community portfolio for $344 million.

Sun Communities (SUI) announced today that it has agreed to acquire a portfolio of 31 manufactured housing and recreational vehicle communities for a total purchase price of $344 million, including the assumption of approximately $60 million of outstanding debt.  SUI also said that it expects to issue approximately $275 million of stock to the sellers, resulting in nominal external financing needs.  The transaction is expected to close by year-end 2019 and be accretive to 2020 earnings.  The portfolio includes 5,230 developed sites with additional sites available for expansion.  The properties are located in eight states, with approximately 35% of the sites in Connecticut.

Established in 1975, Sun Communities, Inc. (SUI) is one of the largest owner / operators of manufactured housing and RV properties in North America with a total market capitalization of approximately $15 billion.