(RTTNews) – On Tuesday, Sun Communities, Inc. (SUI), a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, announced that it has completed the previously announced sale of its UK assets, including its Park Holidays business, to Panther Bidco Limited, an affiliate of Aermont Capital. The transaction was completed entirely in cash.
At closing, Sun Communities received about $1.03 billion in net cash after adjustments and transaction costs. The company plans to use the proceeds mainly to repurchase shares, reduce debt, and for general corporate purposes. With the sale completed, Sun Communities is now focused entirely on owning and operating manufactured housing and recreational vehicle communities in North America.
On the Nasdaq in the after hours, the shares were trading at $113.77, after closing Tuesday’s trading 0.03 percent up.
