REIT Sun Communities to sell superyacht servicing business to Blackstone for $5.65 billion (updated)

Sun Communities

24/02/2025 14:53

(Adds share movement, details from the release in paragraphs
2-3)
       Feb 24 (Reuters) - Real estate investment trust Sun
Communities  SUI.N  said on Monday it would sell its superyacht
servicing business, Safe Harbor Marinas, to Blackstone
Infrastructure  BX.N  for $5.65 billion in cash.
    Shares of Sun Communities were up 3.4% in early trading.
    The transaction, likely to close in the second quarter of
2025, is expected to improve sun's focus on its core businesses
such as manufactured housing and recreational vehicle
communities, as well as reduce debt.
 

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shilpi
Majumdar)
 ((Aatreyee.Dasgupta@thomsonreuters.com))