The £950 million US takeover of holiday park group Park Holidays UK has been completed after winning the green light from regulators.
US real estate investment trust Sun Communities agreed the acquisition in November and closed the deal this month following approval from the Financial Conduct Authority.
Sun’s support will enable Park Holidays UK, which owns and manages 42 parks, to continue to invest in its existing holiday centres and to further expand its parks portfolio.
Park Holidays UK’s business model will complement Sun’s as one of the largest owners and operators of manufactured housing, recreational vehicle and marina properties.
Park Holidays UK director Tony Clish said the acquisition will trigger a new period of growth for the company.
He said: “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,” said Mr Clish.
Sun president and chief operating officer John McLaren added: “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.”
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