Sun Communities Inc, a US real estate investment trust, has agreed to buy Park Holidays, one of the UK’s biggest holiday resort owners, for about £900mln, Sky News reported, adding that a deal could be announced today.
The US company’s winning bid for Park Holidays saw off competition from rivals including the Universities Superannuation Scheme, one of Britain's biggest pension funds, and Starwood Capital, the prominent real estate investor, Sky said, adding that the deal underlined the sector's post-pandemic boom.
Park Holidays owns 42 caravan holiday parks across the UK mainly in coastal locations and is itself owned by Intermediate Capital Group (LSE:ICP) (ICG).