Deal Details
Follow-On Offering
Summary
Baird served as bookrunner to Sun Communities, Inc. on this transaction.
About
Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) recently completed a follow-on offering of 5,250,000 common shares at a price of $66.50 per share, generating gross proceeds of approximately $349.1 million. Sun Communities intends to use the net proceeds from this offering to fund a portion of its roughly $1.68 billion acquisition of Carefree Communities Inc. (“Carefree”).Sun Communities is a self-administered and self-managed real estate investment trust, or REIT. Sun Communities owns, operates and develops manufactured housing and recreational vehicle communities throughout the United States. The Company has been in the business of acquiring, operating, developing and expanding manufactured housing communities since 1975. Pro forma for the Carefree acquisition the Company will own and operate a portfolio of 334 properties located in 30 states and Canada, with 116,166 sites, 96% occupancy and 10,163 expansion sites. Sun Communities is headquartered in Southfield, Michigan.
For additional information about this transaction, please contact:
- Date
- March 2016
- Company
- Sun Communities, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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