Headquartered in Southfield, Michigan, Sun Communities, Inc. (NYSE:SUI) is acquiring Carefree Communities Inc. from Centerbridge Capital Partners II, LP for $1.68 billion in aggregate, which includes $1.655 billion for the communities, $16.0 million for manufactured homes and park models, and $9.0 million for a community recently acquired by Carefree. Additionally, Sun is assuming $1 billion in debt, and paying $225 million in Sun shares, as MHProNews has learned from nasdaq.
Carefree’s 103 manufactured home (MH) and recreational vehicle (RV) communities will be operated by Sun management teams under Sun Communities brand, but Carefree staff will remain operative during the transition period. The transaction, according to newswire.ca, is set to close by July 9, 2016.
As of 12-31-2015, Sun owned and operated 231 MH and RV communities in 30 states, comprised of 69,682 developed manufactured home sites, 9,559 annual RV sites, 9,371 transient RV sites. Sun also owns approximately 7,181 additional manufactured home sites ready for development.
Carefree’s Communities portfolio contains 9,829 MH sites and 17,725 RV sites, and more than 2,900 MH and RV sites to be developed. ##
(Image credit: Sun Communities, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.