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Sun Communities Closes on Acquisition of Centerbridge’s Carefree Communities

sun homes coming soon signUpdating a story MHProNews last posted March 22, 2016 regarding the acquisition of Carefree Communities, Inc. from Centerbridge Capital Partners II, LP for $1.68 billion, Sun Communities, Inc. (NYSE:SUI) announces it has closed on the transaction.

Sun issued Centerbridge $225 million in shares of common stock priced at $67.57 per share, and $1.455 billion in cash, one billion of which was immediately applied to the seller’s outstanding debt to make the transaction totally debt-free.

With the acquisition, according to nasdaq, Sun adds a total of 103 manufactured home (MH) and recreational vehicle (RV) communities to its portfolio, 27,554 home sites comprised of 9,829 developed MH sites and 17,725 RV sites. Additionally, there are 396 MH sites and 2,586 RV sites suitable for development. Most of the communities are in Florida and California.

Based in Southfield, Michigan, Sun now owns and operates 337 communities with 117,000 home sites in 29 states and Ontario, Canada. ##

(Image credit: Sun Communities, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

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