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SUN SUN COMMUNITIES , INC . Sun Communities , Inc. to Acquire Park Holidays UK for $ 1.3 Billion November 15 , 2021 Enters the UK Market with the Addition of a Leading UK Holiday Communities Platform with Irreplaceable Seaside Communities Conference Call Today at 4:30 PM EST Southfield , MI , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) - Sun Communities , Inc. ( NYSE : SUI ) ( " Sun " or the " Company " ) today announced that it had entered into a definitive agreement to acquire Park Holidays UK ( " Park Holidays " ) for approximately £ 950 million , or $ 1.3 billion . Park Holidays ' experienced operating team , led by CEO Jeff Sills , will continue to run day - to - day operations under Sun's ownership . Park Holidays is the second largest owner and operator of holiday communities in the UK , with 40 owned and operated communities and an additional two managed communities . The majority of the communities are located in highly desirable , seaside locations in the South of England , within a short drive of London and other affluent Southern UK cities . Park Holidays represents a natural extension of Sun's existing businesses and portfolio , complements Sun's strategy and areas of expertise , diversifies its geographic presence , and is expected to generate resilient cash flows . In addition , Park Holidays has a proven ability to source and execute both internal expansion and external growth opportunities . Park Holidays primarily rents sites for owner - occupied vacation homes on annual contracts , as well as sells vacation homes to new customers . The acquisition , which is expected to be accretive to 2022 Core FFO per share , will represent approximately 7 % of the Company's properties and 8 % of its total pro forma real estate asset value . " We are incredibly excited to expand Sun's footprint into the UK y acquiring Park Holidays , which allows us to leverage our land lease community expertise in a growing market . This transaction provides Sun with immediate scale in the UK as well as a platform for future growth in a fragmented landscape . We have completed significant strategy and research work in the UK with advisors prior to this opportunity , and feel confident that its long - term macroeconomic stability and fundamentals make the UK a very favorable destination in which to expand the Sun Communities platform internationally . Park Holidays has many parallels with Sun , such as its strong portfolio , its focus on growth , and a management approach that is consistent with ours . Under the leadership of Jeff Sills and his highly experienced senior management team , who have led the company since 2006 , Park Holidays has created a strong brand given the quality of its assets and stellar customer service . Its management team has a proven track record of acquiring and expanding properties , efficiently integrating them into the platform , and creating significant value in a short period of time , " said Gary A. Shiffman , Sun Communities Chairman and CEO . John B. McLaren , Sun Communities President and COO added , " As we performed our diligence and underwriting processes , we were thrilled to discover how similar our MH and RV business models are to Park Holidays ' operations and expect to apply our deep expertise to this new market and thereby accelerate our growth . Overall , the holiday park sector in the UK is an overwhelmingly domestic market and very similar to both the MH and RV industries in the US . There are several compelling tailwinds that make us excited to enter the UK market as it has demonstrated consistent , steady growth through economic cycles and is currently benefiting from a rising interest in premium outdoor vacations and second home purchases as well as a number of high barriers to entry given limited land availability and zoning restrictions . Over time , we intend to use this platform to continue to scale in the UK market , just as we have successfully done in the US . " " Joining Sun is an exciting new chapter for Park Holidays as we seek to continue to execute on a well - established and proven strategy to drive organic and inorganic growth . Our companies have a lot in common as we both strive to achieve the best experience for our customers and colleagues , and we are excited by the opportunity to work and collaborate with the Sun team . Our business has delivered strong and consistent growth through economic cycles , as we have built a unique portfolio of well - located assets and a sustainable and diversified business model with industry leading operating metrics . By joining Sun , we plan to continue to consolidate a fragmented industry and provide the Park Holidays experience to an expanding customer base , " said Jeff Sills , Park Holidays CEO . The UK holiday park industry is an approximately £ 5 billion market which has demonstrated resilient growth through previous economic cycles . As in the US , it has benefited from robust growth in demand for domestic outdoor holidays which has been further accelerated by Brexit and COVID . According to industry sources , the UK holiday parks market is expected to see a compounded annual growth of approximately 8 % from 2019 to 2021 and approximately 6 % from 2021 to 2025. The UK market is highly fragmented and prime for consolidation over time , as platforms with 10 or more properties account for only about 7 % of total properties . For the twelve months ended September 30 , 2021 , Park Holidays generated £ 73.9million in EBITDA . The transaction values Park Holidays UK at an enterprise value of approximately £ 950 million , or $ 1.3 billion . The selling shareholders will receive Sun common stock equal to approximately £ 25 million , or approximately $ 34 million , and the remainder of consideration will be in cash . In connection with the acquisition , the Company entered into a commitment letter with Citigroup Global Markets Inc. to lend the Company up to £ 950 million under a new senior unsecured bridge loan to fund the cash portion of the acquisition . The transaction is subject to a required regulatory approval , and is expected to close in the first quarter of 2022 . Citigroup and Lazard are acting as financial advisors to the Company and Jaffe , Raitt , Heuer & Weiss , Professional Corporation and Jones Day are acting as legal advisors . HSBC and RBC Capital Markets acted as joint financial advisors to Park Holidays and Proskauer Rose ( UK ) LLP acted as legal advisor . A conference call to discuss the acquisition will be held today , November 15 , 2021 at 4:30 pm ET . To participate , call toll - free 1-877-407-9039 . Callers outside the U.S. or Canada can access the call at 1-201-689-8470 . A replay will be available following the call through November 29 , 2021 , and can be