Blackstone (NYSE: BX) announced that funds managed by its Blackstone Infrastructure division will pay $5.65 billion to acquire Safe Harbor Marinas, the nation’s largest marina and superyacht servicing business, from the real estate investment trust Sun Communities Inc (NYSE: SUI).
Safe Harbor owns and operates 138 marinas across the US and Puerto Rico. Sun Communities, which focuses on manufactured housing communities and recreational vehicle communities, acquired Safe Harbor Marinas in September 2020 for $2.11 billion.
“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” said Heidi Boyd, senior managing director in Blackstone’s infrastructure business. We believe Safe Harbor is the best positioned company in this sector, and we look forward to working with their terrific team to invest behind their existing marinas and to expand their footprint.”
Jeff Blau, chairman of Sun’s Capital Allocation Committee, added: “This transaction allows Sun to focus on our core businesses which operate at high margins and produce durable income streams, and we are confident they will continue to deliver strong, consistent long-term growth. Safe Harbor has been an outstanding performer for Sun, and this sale allows us to realize substantial value from our investment, while positioning the company for future growth and enhanced return opportunities for our stakeholders.”
The average person won’t even hear about this. Just another opportunity to keep the middle class away…too obvious and no one, especially the MSM will say a word…the stupidity continues…Blackstone wants to “OWN” everything and you say nothing…you’re worthless to anyone but you…and WRE…short for “We Run Everything” as long as we’re owned by Blackrock, Vanguard or State Street. While Trump and Musk have you in the “back seat” you can ponder your next move to purchase the world.