Sun Communities Inc. has closed the sale of its United Kingdom assets for approximately $1.03 billion in net cash consideration, the company announced Thursday.
The transaction, which includes the Park Holidays business, was completed after customary locked-box adjustments and transaction costs. The buyer is Panther Bidco Limited, an affiliate of private equity firm Aermont Capital.
Sun Communities, headquartered in Southfield, Michigan, said proceeds will be used primarily to repurchase shares, pay down debt and fund general corporate purposes. Year to date through Monday, the company had bought back roughly 3.5 million shares of common stock at a total cost of approximately $425 million.
Following the divestiture, Sun Communities will operate as a North American-focused owner and operator of manufactured housing and recreational vehicle properties. As of June 30, 2026, its portfolio comprised 455 developed properties across the United States and Canada, totaling approximately 156,130 developed sites.
Charles Young, chief executive officer, said the sale "positions Sun to execute on our strategy of driving long-term, durable growth through our best-in-class North American MH and RV platform, backed by a flexible, low-leverage balance sheet."
Lazard Frères & Co. LLC served as lead financial advisor to Sun Communities on the transaction, with BofA Securities, BMO Capital Markets, Citigroup, JP Morgan Securities LLC and Wells Fargo also acting as financial advisors. Jones Day and Taft Stettinius & Hollister LLP provided legal counsel.
The company said it plans to update its full-year 2026 outlook during its third-quarter 2026 earnings call.
