Sun Communities has agreed to sell its United Kingdom assets, including the Park Holidays business, to funds affiliated with Aermont Capital in an all-cash transaction valued at approximately £768 million, or about $1.03 billion.
The transaction marks a strategic shift for Sun Communities as the company moves to concentrate exclusively on its North American manufactured housing and recreational vehicle portfolio.
The sale will also strengthen its financial flexibility and liquidity position.
Under the terms of the agreement, Aermont will acquire Park Holidays in an all-cash deal. The final cash consideration at closing will include customary locked box adjustments and cash profits generated by Park Holidays prior to completion of the transaction.
According to a press release, Charles Young, Sun Communities’ chief executive officer, said the transaction positions the company to focus on expanding its North American operations.
“This exciting transaction allows us to focus on and drive growth through our core North American MH and RV platform,” Young said. “We will remain disciplined in our capital allocation approach, which includes investing in our high-quality communities, identifying attractive external MH and RV growth opportunities and returning capital to shareholders.”
Young also thanked the Park Holidays team for its role during Sun’s ownership of the business.
“We appreciate all that we have accomplished together and believe the business is well-positioned for continued success under Aermont’s ownership,” he said.
Jeff Sills, chief executive officer of Park Holidays, said the company benefited from Sun’s support during the partnership.
“Together, we have continued to build and strengthen Park Holidays, and I am incredibly proud of what our team has accomplished,” Sills said. “We look forward to the next chapter for the business under Aermont’s ownership and remain excited about the opportunities ahead.”
Following completion of the transaction, Sun Communities said approximately 95% of its total net operating income is expected to come from North American manufactured housing and RV real property operations.
The sale will increase its exposure to more predictable annual income streams while improving growth and margin profiles.
The transaction remains subject to customary closing conditions, including regulatory approval from the United Kingdom Financial Conduct Authority. The deal is expected to close during the second half of 2026.
As of March 31, Sun Communities owned, operated, or held interests in 515 developed properties with approximately 179,300 developed sites across the United States, Canada, and the United Kingdom.