Adds details on deal and background throughout

By Aatreyee Dasgupta

Feb 24 (Reuters) - Sun Communities SUI.N will sell its superyacht servicing business for $5.65 billion in cash, as the real estate investment trust aims to focus on its core segments and reduce debt, sending its shares up more than 5%.

The REIT expects the sale of Safe Harbor Marinas to Blackstone Infrastructure, an investment fund managed by the world's largest alternative asset manager Blackstone BX.N, to close in the second half of 2025, the companies said on Monday.

The decision comes after Sun — which owns and operates manufactured housing (MH), recreational vehicle communities and marinas in the U.S., UK and Canada — announced measures to cut costs and boost revenue contribution from its high-margin core units.

"We think investors will view this sale positively. It reinforces SUI's focus on core MH/RV, removes some earnings variability and reduces leverage," said UBS analyst Michael Goldsmith.

After the transaction, the Southfield, Michigan-based REIT said it expects its North America MH and RV portfolio to account for about 90% of its net operating income.

Sun Communities' marinas segment represented 20% of its same-property net operating income in 2023 and grew 11.7% during the period.

"Marinas benefit from key long-term thematic tailwinds, including the growth of travel and leisure as well as population inflows into coastal cities," said Heidi Boyd, senior managing director at Blackstone Infrastructure, which managed $55 billion of assets as of December 31.

It invests in infrastructure assets principally in North America, aiming to diversify Blackstone's portfolio.

For the transaction, Lazard Freres & Co is the financial advisor to Sun Communities and Wells Fargo is to Blackstone Infrastructure.

(Reporting by Aatreyee Dasgupta, additional reporting by Abhinav Parmar; Editing by Shilpi Majumdar)

((Aatreyee.Dasgupta@thomsonreuters.com))