NEWS RELEASES
Sun Communities Becomes Shareholders in Australian MH and RV Communities Operator
Editor's Note: This news item was retrieved and first published through GlobeNewswire, Inc.'s website.
SOUTHFIELD, Mich. - Sun Communities, Inc. announces its strategic investment in Ingenia Communities of Australia. Ingenia Communities Group is a leading operator, owner and developer of a growing portfolio of lifestyle and tourism communities (manufactured homes and RV communities) across key Australian urban and coastal markets. The Australian Manufactured Housing and RV Community sector is highly fragmented and traditional housing, on a relative basis, is increasingly expensive. Over the past 20 years, median home prices in key Australian capital cities have appreciated between 200% and 400%.
According to a press release, Sun will invest approximately $54 million for a 9.9% ownership stake in Ingenia. Sun Communities and Ingenia will also form a 50/50 joint venture to establish and grow a manufactured housing community development program in Australia. Industry fundamentals and Australian demographic trends provide long term support for the sector’s growth prospects. There is a particular need for affordable seniors housing as the over-55 population is expected to grow at twice the rate of the rest of the Australian population. Chairman and Chief Executive Officer of Sun Communities Gary Shiffman was quoted saying, "We have been actively monitoring the Australian market for some time given the sector’s similarly attractive attributes to the North American market. The Australian MH and RV sector is early in its growth cycle, is primed for consolidation, benefits from strong demographic trends and has very favorable supply and demand dynamics.”
Learn more about Sun Communities and Ingenia Communities and their partnership here.
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