Aberdeen Investments has acquired three new David Lloyd health and fitness clubs on behalf of a local government pension scheme (LGPS) client for £67.32m in a sale and leaseback deal.
The purpose-built clubs in Cheltenham, St Neots and Kettering are currently under construction and upon completion, each asset will be leased to David Lloyd Leisure on a new 30-year full repairing and insuring lease.
The clubs, which are expected to complete between September and November 2026, will each extend to approximately 67,000 sq ft and offer a range of premium facilities, including indoor and outdoor swimming pools, gyms, fitness studios, indoor tennis facilities, outdoor padel courts, spa and wellness facilities, cafés and business lounges.
George Trimmer, associate director in investment at Savills, which advised Aberdeen, said: “The health and fitness sector continues to command strong investor interest, driven by resilient operational performance and growing consumer demand for high quality health and wellness experiences. LGPS-backed investors continue to be a significant source of capital in the investment market and remain active for high quality assets. This transaction reflects the continued appeal of secure, long inflation-linked income streams supported by a strong covenant and market leading operator.”
Portland Leisure Advisers acted for David Lloyd Leisure. Newmark also advised on the transaction.
