Therme Group has partnered with an asset management firm to expand its portfolio of wellness resorts, and provided an update for Therme Manchester.
The company has reached an agreement with Sculptor Capital Management’s real estate division for up to €245 million in growth investment.
An initial portion of funding has been deployed to support Therme‘s flagship wellness resorts in Munich and Bucharest.
Via a press release, additional capital may be deployed to fully fund the development of Therme Manchester, the UK’s first large-scale wellbeing destination.
“Sculptor’s significant capital allocation to our platform is a testament to our strong track record as an operator and developer of Therme wellbeing infrastructure in continental Europe and the compelling investment opportunity of Therme Manchester,” said Adrian Ion, Therme Group’s CFO.
“In Sculptor, we have a capital partner with a wealth of experience in operating real estate and an appetite for growth.”
Funding to support Europe resorts
Therme Manchester is a €500m (£413m), 28-acre project featuring thermal and mineral pools, botanical gardens, water experiences, fitness and wellness spaces, and cultural programming.
John Clingan, MD and co-head of European real estate at Sculptor, said the firm is “enthusiastic to support the continued expansion of Therme’s flagship destinations across Europe”.
Building work on Therme Manchester started in October 2024, when the cost of the resort was reported as £250m. As confirmed by Therme, this investment has now increased to more than $400m.
Per the Manchester Evening News, the previous figure was based on an “old design” and was a construction-only cost, said David Russell, CEO of Therme UK.
In a statement provided to the publication, Therme said: “Therme Manchester will enter an agreement with a lead construction group this week and will begin the first major construction phase later this year.”
This week, Therme Group revealed plans for 10 wellness resorts in the US over the next decade after forming a joint venture with the Georgetown Company.
Therme’s expansion comes amid a growing trend for wellness infrastructure. According to the Global Wellness Institute, the wellness economy is expected to generate almost 8.5 trillion by 2027.
Images courtesy of Therme Group
