Safe Harbor Marinas, the largest owner and operator of marinas in the world, has entered into a definitive merger agreement with Sun Communities, Inc., and one of its subsidiaries, in a transaction for cash and SUI equity valued at $2.11 billion.
"We are excited to partner with Sun Communities, a premier real estate investment trust that owns and operates 426 properties across North America," said Baxter Underwood, CEO of Safe Harbor Marinas. "We have spent a number of years getting to know Sun and are impressed with their leadership team and track record of consistently growing value for all their stakeholders. Safe Harbor will operate independently from Sun's other businesses, but we will benefit from their tremendous strength. We are committed to continuing the growth of our marina portfolio by harnessing Sun's advantageous cost and form of capital."
Gary A. Shiffman, Chief Executive Officer of Sun Communities added, "We look forward to welcoming Safe Harbor to the Sun family. We have studied the marina industry and specifically Safe Harbor for a number of years and have gotten to know the team very well. Expanding Sun's platform to include marinas is a major strategic decision and we could not have chosen a better partner to execute this important growth initiative."
The transaction is expected to close during the fourth quarter and is subject to customary closing conditions.