Deal Details
Sun Communities Completes $745 Million Follow-On Offering
Summary
Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) recently completed a follow-on offering of 4,025,000 shares of common stock (including exercise of the overallotment option) at a price of $185.00 per share, generating gross proceeds of approximately $744.6 million. The Company intends to use the net proceeds to fund the acquisition of a UK portfolio and general corporate purposes.
Baird served as a co-manager on this offering.
About
Sun Communities is a publicly traded real estate investment trust that owns, operates and develops manufactured housing (“MH”) communities and recreational vehicle (“RV”) communities throughout the United States and Ontario, Canada. Sun Communities acquired Safe Harbor and its portfolio of marinas in October 2020. Through Safe Harbor, the Company owns, operates, develops and manages marinas throughout the United States, with the majority of such marinas concentrated in coastal regions and others located in various inland regions. As of September 30, 2021, Sun Communities owned and operated or had an interest in a portfolio of 584 properties located in 38 states throughout the United States, one province in Canada and Puerto Rico, including 282 MH communities, 146 RV communities, 36 properties containing both MH and RV sites, and 120 marinas. As of September 30, 2021, the Company’s properties contained over 98,300 developed MH sites, approximately 29,650 annual RV sites (inclusive of both annual and seasonal usage rights), approximately 27,930 transient RV sites, and approximately 44,860 wet slips and dry rack storage spaces. Sun Communities is headquartered in Southfield, Michigan.CONTACT US TO LEARN MORE
- Date
- November 2021
- Company
- Sun Communities, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Real Estate
- Verticals
-
Real Estate
- Target Geography
- North America
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