Sun Communities, Inc. has entered into a definitive agreement to sell Safe Harbor Marinas, LLC and SHM TRS, LLC to BIP Poseidon Holdco L.P., an affiliate of Blackstone Infrastructure, for approximately $5.65 billion. The transaction, announced on February 24, 2025, is subject to customary closing conditions, including regulatory approvals.

The agreement includes provisions for the potential delayed transfer of 25 properties due to third-party consent requirements. These properties, valued at up to $769 million, will remain under the sellers' ownership if consents are not obtained within nine months after signing. If the transaction is not completed by August 24, 2025, either party may terminate the agreement under certain conditions.

As part of the deal, Sun Communities and its subsidiaries have agreed to a three-year non-solicitation and non-competition covenant regarding Safe Harbor’s business. The company anticipates closing the transaction in the second quarter of 2025 but cautions that there are no guarantees regarding the final closing or the transfer of all properties.

Source: Sun Communities, Inc., "Form 8-K Filing," February 24, 2025.