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Sun Communities to buy manufactured housing portfolio for $343.6M

Sun Communities Inc. agreed to buy a portfolio of 31 manufactured housing communities across eight U.S. states for $343.6 million in a cash-and-stock transaction.

The manufactured home real estate investment trust is making the acquisition through a merger of Jensen's Inc. into the REIT's Sun Jensen LLC subsidiary.

The portfolio comprises 5,230 developed sites and more than 460 additional expansion sites available for development, of which 35% are spread across Connecticut. The 77% age-restricted portfolio is about 92.5% occupied as of June 30.

Upon deal closing, the REIT will issue $274.8 million worth of common shares at a per-share price of $139.3072 to Jensen's shareholders and will pay the remaining balance in cash.

The transaction is expected to close by the end of 2019, and is anticipated to be accretive to the REIT's 2020 earnings.