Latham & Watkins Advises Sun Communities on US$5.65 Billion Sale of Safe Harbor Marinas to Blackstone Infrastructure

Sun Communities, Inc. (NYSE: SUI) a real estate investment trust (REIT) that owns and operates or has an interest in manufactured housing and recreational vehicle communities, has announced that it has entered into a definitive agreement to sell 100% of its interests in the Safe Harbor Marinas business, the largest marina and superyacht servicing business in the United States, to affiliates of Blackstone Infrastructure. The transaction accelerates Sun’s strategic goal of re-focusing on its core manufactured housing and recreational vehicle segments and significantly enhances its leverage profile and financial flexibility. Upon the consummation of the transaction, Blackstone will purchase Safe Harbor from the company for an all-cash purchase price of US$5.65 billion, subject to certain post-closing adjustments.

Latham & Watkins LLP represents Sun Communities in the transaction with a corporate deal team led by Los Angeles/New York partner Julian Kleindorfer, Global Co-Chair of Latham’s REITs Industry Group, and Orange County partner Darren Guttenberg, with associates Abby Timmons, AJ Hines, Ivana Valdez, Blake LaClaire, and Alvina Olivier. Advice was provided on tax matters by Century City/Los Angeles partner Pardis Zomorodi, and counsel William Kessler; on capital markets matters by Los Angeles partner Brent Epstein, with associate Eric Finkelberg; on benefits and compensation matters by Los Angeles partner David Taub, with associate Megan Ampe; on real estate matters by Global Co-Chair of the Real Estate Practice Michael Haas, partner Justin Elliott, and counsels Karen Ritter and Dustin Paige, with associates Rachel Cohen-Sidley and Tess Winston; on banking matters by Washington D.C. partners Manu Gayatrinath and Jennifer Kent, and counsel Sonja Pollack; on environmental matters by Orange County partner Christopher Norton, with associates Brian McCall and Shawna Strecker; on intellectual property matters by counsel David Kuiper, with associate Azzam Chaudhry; on labor and employment matters by counsel Laura Waller, with associate Jocelyn Wexler; on antitrust matters by Bay Area partner Joshua Holian, and counsel Jamie Sadler; on CFIUS matters by counsel Zachary Eddington; on FCC matters by Washington D.C. partner Elizabeth Park; on data privacy matters by Bay Area partner Robert Blamires, with associate Deborah Hinck; on insurance matters by Los Angeles partner Harrison White; and on private equity matters by Los Angeles partner Bradley Helms.