Sun Communities, Inc. (NYSE: SUI), a real estate investment trust (REIT) that owns and operates or has an interest in manufactured housing (MH) and recreational vehicle (RV) communities, has announced that it has completed the previously announced sale of its UK assets, including the Park Holidays business (Park Holidays), to Panther Bidco Limited, an affiliate of Aermont Capital (Aermont), in an all-cash transaction, according to a press release.
At closing, the company received approximately $1.03 billion in net cash consideration, after customary locked-box adjustments and transaction costs. The proceeds from the sale are expected to be used primarily to repurchase shares, pay down debt and for general corporate purposes.
With the transaction’s completion, Sun will be a pure-play North American MH- and RV-focused owner and operator.
“I want to thank the Park Holidays team for their commitment, partnership and contributions throughout our ownership, and for the professionalism that made this a smooth and orderly closing,” said Charles Young, CEO of Sun Communities. “We are proud of what we built together and wish the team continued success in this next chapter under Aermont’s ownership. The sale of Park Holidays positions Sun to execute on our strategy of driving long-term, durable growth through our best-in-class North American MH and RV platform, backed by a flexible, low-leverage balance sheet.”
Share Repurchase Activity
Year-to-date through Sept. 21, the company has repurchased approximately 3.5 million shares of its common stock for an aggregate amount of approximately $425 million.
Third Quarter 2026 Earnings
The company expects to provide an update to its full-year 2026 outlook, reflecting the completion of the transaction and the related uses of proceeds known at that time, on its third quarter 2026 earnings call.
