The Southfield-based Sun Communities Inc. real estate investment trust (REIT) has agreed to sell its assets in the United Kingdom for $1.03 billion to focus on its North American manufactured housing and recreational vehicle communities.
“This exciting transaction allows us to focus on and drive growth through our core North American MH and RV platform,” says Charles Young, CEO of Sun Communities. “We will remain disciplined in our capital allocation approach, which includes investing in our high-quality communities, identifying attractive external MH and RV growth opportunities, and returning capital to shareholders.
Under the terms of the agreement, Aermont Capital in London will acquire Park Holidays in an all-cash transaction. Park Holidays operates more 50 locations, primarily along the southern coast from Devon to Suffolk in England.
“We are grateful for Sun’s partnership and support over the past several years,” says Jeff Sills, CEO of Park Holiday. “Together, we have continued to build and strengthen Park Holidays, and I am incredibly proud of what our team has accomplished. We look forward to the next chapter for the business under Aermont’s ownership and remain excited about the opportunities ahead.”
Following the transaction, Sun expects 95 percent of its revenue to come from manufactured home and recreational vehicle communities.
 has agreed to sell its assets in the United Kingdom for $1.03 billion to focus on its North American manufactured housing and recreational vehicle communities.){kind=link}