05:19 PM EDT, 05/29/2024 (MT Newswires) -- Life Time Group ( LTH ) said Wednesday it completed a sale-leaseback transaction involving one property with an institutional real estate investor for gross proceeds of roughly $40 million.

The company will use the proceeds to support growth and strengthen its balance sheet, it said.

Terms of the transaction weren't provided.

Life Time, which has more than 170 athletic country clubs across the US and Canada, said it will continue to assess the sale-leaseback market for further opportunities.