RTTNews | Sep 29, 2020 11:07AM EDT

11:07 Tuesday, September 29, 2020 (RTTNews.com) - Sun Communities, Inc. (SUI), a real estate investment trust, has agreed to buy Safe Harbor Marinas in a transaction valued at $2.11 billion.

"We are excited to partner with Sun Communities, a premier real estate investment trust that owns and operates 426 properties across North America," said Baxter Underwood, CEO of Safe Harbor Marinas. "We have spent a number of years getting to know Sun and are impressed with their leadership team and track record of consistently growing value for all their stakeholders. Safe Harbor will operate independently from Sun's other businesses, but we will benefit from their tremendous strength. We are committed to continuing the growth of our marina portfolio by harnessing Sun's advantageous cost and form of capital."

Gary Shiffman, Chief Executive Officer of Sun Communities added, "We look forward to welcoming Safe Harbor to the Sun family. We have studied the marina industry and specifically Safe Harbor for a number of years and have gotten to know the team very well. Expanding Sun's platform to include marinas is a major strategic decision and we could not have chosen a better partner to execute this important growth initiative."

The transaction is expected to close during the fourth quarter and is subject to customary closing conditions.

Read the original article on RTTNews ( https://www.rttnews.com/3132301/sun-communities-to-buy-safe-harbor-marinas-for-2-1-bln.aspx)

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