Sun Communities Inc SUI disclosed a divestment of about 41.8 million shares (approximately 10.25% interest) in Ingenia Communities Group for an expected minimum net proceeds of $100 million.
Ingenia owns, operates and develops senior manufactured housing communities and holiday resorts in Australia.
In 2018, SUI inked a joint venture deal with and concurrently subscribed for an interest in Ingenia. In August 2023, the company extended its joint venture partnership with Ingenia for a further seven years.
"We are pleased we extended our joint venture partnership and look forward to continuing to work with the Ingenia team and participating in the creation and ownership of new manufactured housing communities in Australia through Sungenia," said Gary A. Shiffman, Chairman, President and CEO.
Also Read: Sun Communities Bears The Brunt Of Lower Home Sales In UK Amid Macro Woes: Analyst
As of June 30, 2023, cash, cash equivalents, and restricted cash stood at $17.1 million.
SUI is expected to release Q3 2023 results on October 25, 2023.
Price Action: SUI shares closed lower by 3.96% at $108.90 on Wednesday.
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