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Therme Group, an urban spa developer, landed two new investors via separate deals as it expands in Europe and into the U.S., the company tells Axios exclusively.

Why it matters: These deals back over $1.5 billion in committed development, the company says.

Zoom in: Therme Group formed a joint venture for its U.S. business with New York-based real estate developer The Georgetown Company, which will acquire a 25% stake. 

The company also secured an equity investment of up to €245 million from asset manager Sculptor Real Estate, which fully funds its Therme Manchester project.

It declined to comment on the transactions' valuation.

What's next: The Therme U.S. JV is planning two additional locations, with details to be announced in the coming months, as part of 10 large-scale urban wellbeing projects over the next several years in the U.S.

Catch up quick: Therme Group previously acquired Munich-based Therme Erding and was in talks with PE firms to support its global expansion.

The company noted that The Georgetown Group's past projects include the Frank Gehry-designed IAC Building in New York and the redevelopment of Paramount and Sony studios in Los Angeles, among others.

What we're watching: The Vienna-based owner of wellness centers says it's in the market for third-party funding with several projects in the pipeline.

Those include Dubai, Frankfurt, Toronto and coming U.S. cities. 

Exclusive: Urban spa developer Therme Group lands two new investors

The two separate equity deals help back $1.5 billion worth of projects.

A 3-D model of Therme Group's Dubai project.

A 3D model of Therme Group's Dubai project. Photo: Courtesy of Therme Group

Therme Group, an <a class="gtmContentClick" data-vars-link-text="urban spa developer" data-vars-click-url="https://www.axios.com/pro/retail-deals/2024/12/11/therme-group-acquires-wellness-center-therme-erding" data-vars-content-id="39733a7d-b48a-4a21-9b1d-639fa7e7fcc2" data-vars-headline="Exclusive: Urban spa developer Therme Group lands two new investors" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/retail-deals/2024/12/11/therme-group-acquires-wellness-center-therme-erding" target="_self">urban spa developer</a>, landed two new investors via separate deals as it expands in Europe and into the U.S., the company tells Axios exclusively.Why it matters: These deals back over $1.5 billion in <a class="gtmContentClick" data-vars-link-text="committed development" data-vars-click-url="https://www.axios.com/local/washington-dc/2023/05/12/waterpark-wellness-resort-therme" data-vars-content-id="39733a7d-b48a-4a21-9b1d-639fa7e7fcc2" data-vars-headline="Exclusive: Urban spa developer Therme Group lands two new investors" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/washington-dc/2023/05/12/waterpark-wellness-resort-therme" target="_self">committed development</a>, the company says.

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Exclusive: Urban spa developer Therme Group lands two new investors

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