Sun Communities closes £950m acquisition of Park Holidays UK
UK: US-based real estate investment trust [REIT] Sun Communities has officially closed the planned £950 million acquisition of British holiday park group Park Holidays UK.
The purchase was agreed back in November but has now closed following approval from the Financial Conduct Authority.
Park Holidays UK – which currently owns and manages 42 parks in England and Scotland – will use the support of Sun Communities to continue to invest in its existing holiday centres and to further expand its portfolio of holiday parks.
Park Holidays UK director Tony Clish told Herald Scotland that the acquisition would “trigger an exciting new period of growth” for the company: “The domestic holiday market continues to gain traction in the post-Brexit and post-pandemic environment, and we are seeing an ever-increasing demand for UK holidays. This partnership with Sun will bolster our ability to acquire new parks, and to continue driving up quality standards by making additional investment in our existing parks.
“Our two companies share precisely the same values in terms of delivering an exceptional experience to customers at realistic value-for-money prices. In the run-up to this acquisition, it has become very apparent that the teams at Sun and Park Holidays UK are very much of one mind regarding the future.
“We both recognise that quality and value are the main drivers of holiday bookings and holiday home sales, and are determined that this will remain our prime competitive edge,” he added.
John McLaren, president and chief operating officer of Sun Communities, said: “We are excited to welcome the Park Holidays’ team members, holiday homeowners and guests to the Sun family, marking another important milestone in our growth and evolution.”
The news emerged as it was revealed that Sun Communities had also acquired premium holiday park operator Park Leisure. The £182 million transaction was handled by investment and advisory firm, Midlothian Capital Partners [MCP], and is expected to close in the second half of this year.