CHANHASSEN, MN – Life Time Group Holdings Inc. has entered into a non-binding letter of intent for the sale-leaseback of four properties. The transactions are valued at $175 million.
Life Time Group Holdings entered the agreement with an institutional real estate investor, which the firm has previously entered into multiple sale-leaseback transactions with.
The sale and leaseback of the first two properties are expected to be completed on or before March 31, 2022. The first two transactions will total $80 million in gross proceeds to Life Time Group Holdings.
The sale and leaseback of the following two properties are expected to be completed before September 30, 2022. The third and fourth sale-leasebacks will total $95 million.
"We are grateful for and look forward to expanding the long-term relationship we have with this investor," says Bahram Akradi, chairman, CEO and founder of Life Time Group Holdings. "These transactions will allow us to continue to strengthen our balance sheet and fund the incredible growth opportunities we have in front of us."
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