Blackstone Infrastructure has agreed to acquire the Safe Harbor Marinas portfolio from Sun Communities for $5.65 billion in an all-cash transaction. This acquisition marks a substantial bet by the investment manager on the US boating sector and highlights the increasing value of marina real estate.

The purchase price, which is subject to post-closing adjustments, represents approximately 21 times Safe Harbor's estimated 2024 funds from operations. Sun Communities, which acquired Safe Harbor in 2020 for $2.11 billion, expects to book a gain of about $1.3 billion on its four-year investment. The transaction is slated for an initial closing in the second quarter, with certain properties representing about 10% of the total consideration potentially transferring in subsequent closings.

For Sun Communities, a REIT that also invests in manufactured housing and recreational vehicle communities, this sale aligns with its strategic goal of refocusing on its core business segments. The company plans to use the estimated $5.5 billion in pretax proceeds for debt reduction, shareholder distributions, and reinvestment in its primary operations.