Safe Harbor Marinas Announces Merger Agreement With Sun Communities, Inc.
DALLAS, Sept. 29, 2020 /PRNewswire/ -- We are pleased to announce that Safe Harbor Marinas has entered into a definitive merger agreement with Sun Communities, Inc. (NYSE: SUI) and one of its subsidiaries in a transaction for cash and SUI equity valued at
"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.
Safe Harbor Marinas was built in partnership with American Infrastructure Funds, Koch Real Estate Investments, Weatherford Capital, and Guggenheim Partners.
Both Moelis & Company LLC and Citizens Capital Markets served as advisors to Safe Harbor Marinas. Citigroup Global Markets, Inc. served as advisor to Sun Communities. Jaffe Raitt Heuer & Weiss P.C. served as legal counsel to Sun Communities and Sidley Austin LLP and Duane Morris LLP served as legal counsel to Safe Harbor Marinas.
About Safe Harbor Marinas
Safe Harbor Marinas is the largest owner and operator of marinas in the world. Based in Dallas, Texas, the company is dedicated to providing exceptional service and memorable experiences to the global boating community.
For more information, visit SHMarinas.com.
About Sun Communities, Inc.
Sun Communities, Inc. (NYSE: SUI) is a REIT that, as of June 30, 2020, owned, operated, or had an interest in a portfolio of 426 communities comprising nearly 143,000 developed sites in 33 states and Ontario, Canada.
For more news and stories, visit Suncommunities.com.
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SOURCE Safe Harbor Marinas
