Sun Communities, Inc. Closes Acquisition of Park Holidays UK
April 08 2022 - 8:04AM
Sun Communities, Inc. (NYSE:SUI) (the “Company”), today announced
the closing of its previously announced acquisition of Park
Holidays UK (“Park Holidays”). The Company acquired 40 owned and
two managed communities in the UK primarily located in
irreplaceable, seaside locations in the south of England.
The aggregate purchase price for Park Holidays
is £950 million, or approximately $1.3 billion. The Company (i)
issued SUI common stock with a value of approximately $33 million
at closing, and (ii) paid the balance of the purchase price in
cash.
"We are excited to welcome the Park Holidays
properties, team members, holiday homeowners and guests to the Sun
family, marking another important milestone in our growth and
evolution. The Park Holidays’ business model is similar to and
complementary with Sun’s Manufactured Housing platform," stated
John McLaren, the Company’s President and Chief Operating Officer.
"Combining the strengths of our team alongside the skilled and
experienced Park Holidays team, this acquisition provides us with
the opportunity to establish a strong presence within the highly
fragmented UK market. We look forward to executing on Sun’s proven
acquisition, expansion and development strategies in the UK through
Park Holidays, further expanding our best-in-class portfolio and
accelerating our growth.”
“Park Holidays is thrilled to be joining the Sun
Communities team. The similarities in our product offerings,
operations, and culture will help us enhance our best-in-class
holiday park experience for homeowners and guests. By joining the
Sun platform, we can continue to scale and optimize the UK holiday
park opportunity for all stakeholders,” said Jeff Sills, Park
Holidays CEO.
Citigroup and Lazard acted as financial advisors
to the Company and Jaffe, Raitt, Heuer & Weiss, Professional
Corporation and Jones Day acted as legal advisors. HSBC and RBC
Capital Markets acted as joint financial advisors to Park Holidays
and Proskauer Rose (UK) LLP acted as legal advisor.
As previously communicated, the Company’s
earnings guidance provided on February 21, 2022, in conjunction
with its year-end earnings release included the expected
contribution from the acquisition of Park Holidays.
About Sun Communities,
Inc.
Sun Communities, Inc.
(NYSE: SUI) is a
REIT that, as of December 31, 2021, owned, operated, or had an
interest in a portfolio of 602 developed MH, RV and marina
properties comprising over 159,000 developed sites and over 45,000
wet slips and dry storage spaces in 39 states, Canada and Puerto
Rico.
Forward Looking Statements
This press release contains various
“forward-looking statements” within the meaning of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended, and the Company intends that such forward-looking
statements will be subject to the safe harbors created thereby.
Forward-looking statements can be identified by words such as
“will,” “may,” “could,” “expect,” “anticipate,” “believes,”
“intends,” “should,” “plans,” “estimates,” “approximate,”
“guidance,” and similar expressions in this press release that
predict or indicate future events and trends and that do not report
historical matters.
These forward-looking statements reflect the
Company's current views with respect to future events and financial
performance, but involve known and unknown risks, uncertainties,
and other factors, some of which are beyond the Company's control.
These risks, uncertainties, and other factors may cause the actual
results of the Company to be materially different from any future
results expressed or implied by such forward-looking statements.
Such risks and uncertainties include the effects of the COVID-19
pandemic and related stay-at-home orders, quarantine policies and
restrictions on travel, trade and business operations; national,
regional and local economic climates; wars and other international
conflicts; difficulties in the Company's ability to evaluate,
finance, complete and integrate acquisitions (including the Park
Holidays acquisition), developments and expansions successfully;
the ability to maintain rental rates and occupancy levels;
competitive market forces; the performance of recent acquisitions;
changes in market rates of interest; changes in foreign currency
exchange rates; the ability of purchasers of manufactured homes and
boats to obtain financing; and the level of repossessions by
manufactured home and boat lenders. Further details of potential
risks that may affect the Company are described in the Company’s
periodic reports filed with the U.S. Securities and Exchange
Commission, including in the “Risk Factors” sections of the
Company's Annual Report on Form 10-K for the year ended December
31, 2021.
The forward-looking statements contained in this
press release speak only as of the date hereof and the Company
expressly disclaims any obligation to provide public updates,
revisions or amendments to any forward-looking statements made
herein to reflect changes in the Company's assumptions,
expectations of future events, or trends.
FOR FURTHER INFORMATION AT THE
COMPANY:
Karen J. DearingChief Financial Officer(248)
208-2500www.suncommunities.com
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