Life Time Signs Letter of Intent for $175 Million in Sale-Leaseback Transactions
Posted: February 9, 2022 in Chains
Life Time – The Healthy Way Of Life Company
CHANHASSEN, MN – Life Time Group Holdings, Inc. (“Life Time” or the “Company”) (NYSE: LTH) announces that Life Time has entered into a non-binding letter of intent for the sale-leaseback of four properties in transactions valued at $175 million with an institutional real estate investor that has entered into multiple sale-leaseback transactions with the company previously.
The parties intend for the sale and leaseback of the first two properties to be completed on or before March 31, 2022, for approximately $80 million in gross proceeds to Life Time. The sale and leaseback of the two additional properties is expected to be completed prior to September 30, 2022, for approximately $95 million. Additional details were not disclosed.
Life Time Chairman, Chief Executive Officer and Founder, Bahram Akradi, said “We are grateful for and look forward to expanding the long-term relationship we have with this investor. These transactions will allow us to continue to strengthen our balance sheet and fund the incredible growth opportunities we have in front of us.”
