Sun Communities up on Blackstone deal to buy co's safe harbor marinas unit

Sun Communities

24/02/2025 14:56

** Sun Communities  SUI.N  shares rise 3.2% to $130.15 in
early trading
    ** Co to sell its Safe Harbor Marinas unit to affiliates of
Blackstone Infrastructure for $5.65 billion in cash 
    ** The base purchase price represents an approximate 21x
multiple on the estimated 2024 FFO of the Safe Harbor business 
     ** Sun Communities intends to use proceeds to support a
combination of debt reduction, distributions to shareholders and
reinvestment in its core businesses
    ** The transaction is expected to close in Q2, 2025
    ** Shares of Sun, which has a market cap of $16.1 billion,
fell about 8% in 2024
    ** YTD, SUI up 6%   

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.Parmar@thomsonreuters.com;))