Sun Communities completes acquisition of Park Holidays UK for £950m
United Kingdom: based in the United States real estate investment confidence [REIT] Sun Communities has officially closed the planned £950 million acquisition of British holiday park group Park Holidays UK.
The purchase was agreed in November but has now closed following Financial Conduct Authority approval.
Park Holidays UK – which currently owns and operates 42 parks in England and Scotland – will use support from Sun Communities to continue to invest in its existing holiday centers and further expand its portfolio of holiday parks.
Park Holidays UK manager Tony Clish said Herald Scotland that the acquisition would “unleash an exciting new period of growth” for the company: “The domestic holiday market continues to gain momentum in the post-Brexit and post-pandemic environment, and we are seeing ever-increasing demand for This partnership with Sun will strengthen our ability to acquire new fleets and continue to raise quality standards by making additional investments in our existing fleets.
“Our two companies share precisely the same values in terms of providing an exceptional customer experience at realistic prices. Looking ahead to this acquisition, it has become very clear that the Sun and Park Holidays UK teams are very close to the future.
“We both recognize that quality and value are the primary drivers of vacation bookings and vacation home sales, and we are committed to ensuring this remains our primary competitive advantage,” he added.
John McLaren, President and Chief Operating Officer of Sun Communities, said: “We are delighted to welcome team members, holiday home owners and guests of Park Holidays to the Sun family, marking a another important step in our growth and evolution.
The news emerged when it was revealed that Sun Communities also had acquired premium holiday park operator Park Leisure. The £182m deal was managed by investment and advisory firm Midlothian Capital Partners [MCP]and is expected to close in the second half of this year.