Sun Communities (SUI 6.49%) made a big splash during the pandemic. The real estate investment trust (REIT) expanded its niche property focus into the marina sector by acquiring Safe Harbor Marinas for about $2.1 billion. That deal gave it an expandable platform in the highly fragmented marina sector.
The REIT is now cashing in on this investment. It has agreed to sell Safe Harbor Marinas to affiliates of Blackstone infrastructure for a whopping $5.65 billion in cash. That sale will lock in a $1.3 billion windfall profit for shareholders. It will also streamline Sun’s focus and significantly enhance its already solid balance sheet.
Cashing in on the big splash
Sun Communities has agreed to sell 100% of its interest in Safe Harbor Marinas to affiliates of Blackstone. The $5.65 billion all-cash price represents a 21 times multiple on the funds from…
