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February 13, 2013
08:13 EDTSUISun Communities acquires ten RV communities for $111.48M
Sun Communities announced that, on February 8, it acquired ten recreational vehicle communities, personal property and other associated intangibles from Gwynns Island RV Resort, Indian Creek RV Resort, Lake Laurie RV Resort, Newpoint RV Resort, Peters Pond RV Resort, Seaport, Virginia Tent, Wagon Wheel Maine, Westward Ho RV Resort and Wild Acres for an aggregate purchase price of $111.48M. The purchase price was paid by cash in an amount necessary to pay off all existing secured debt and a portion of Contributors' mezzanine debt and the balance of which was paid by the issuance to the Contributors of approximately $4M of newly created Series A-3 Preferred Units of Sun Communities Operating Limited Partnership. In connection with this transaction, the company also purchased certain cottages and homes located in the communities for an additional $1.32M. The acquired communities, three of which are located in Maine, two of which are located in Virginia and the other communities are located in Connecticut, Massachusetts, New Jersey, Ohio and Wisconsin, are comprised of nearly 3,700 sites of which approximately 40 percent are filled with recreational vehicles under annual rental contracts.
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