Safe Harbor Marinas sold for $2.11 billion
Published on September 30th, 2020
Sun Communities (SUI), a real estate investment trust involved in manufactured housing and recreational vehicle communities, has entered into a definitive merger agreement to acquire Safe Harbor Marinas, the largest and most diversified marina owner and operator in the United States.
Safe Harbor owns and operates 101 marinas, manages five marinas on behalf of third parties, and has an approximate 40,000-member network of boat owners across 22 states. The transaction for cash and SUI equity is valued at $2.11 billion.
Safe Harbor’s full operating team, led by Baxter Underwood, will run Safe Harbor as a subsidiary independently from Sun’s manufactured home and recreational vehicle community business.
“We are excited to partner with Sun Communities, a premier real estate investment trust that owns and operates 426 properties across North America,” said Baxter Underwood, CEO of Safe Harbor Marinas. “We have spent a number of years getting to know Sun and are impressed with their leadership team and track record of consistently growing value for all their stakeholders.
“Safe Harbor will operate independently from Sun’s other businesses, but we will benefit from their tremendous strength. We are committed to continuing the growth of our marina portfolio by harnessing Sun’s advantageous cost and form of capital.”
The transaction is expected to close during the fourth quarter with SUI to assume debt in the estimated amount of approximately $808 million.