Life Time Group Holdings, Inc. reported closing on a sale-leaseback transaction for approximately $40 million in gross proceeds on May 29. The transaction involved one property with an institutional real estate investor who owns another Lifetime property.
Life Time did not disclose the terms of the transaction.
Life Time will reportedly use the proceeds from the sale-leaseback to support growth and strengthen its balance sheet. The company also noted that it would continue to evaluate the sale-leaseback market for additional opportunities.
“As we have communicated previously, we look at sale-leaseback transactions opportunistically in support of our future growth opportunities and commitment to further strengthen our balance sheet,” said Life Time Founder, Chairman and CEO Bahram Akradi. “We have tremendous relationships with our partners and are grateful for their ongoing interest in our real estate portfolio. We are very pleased to complete this sale-leaseback on terms and conditions that are very similar to recent transactions.”
Image courtesy Life Time
