€1bn JV provides boost for slow-moving £250m Therme
The operator has formed a joint venture with investment behemoth CVC that will co-own existing resorts in Germany and Romania and deliver the 28-acre TraffordCity leisure project.
Therme Group’s £250m, 100,000 sq ft Trafford project, which was first announced in 2020, is due to complete by late 2028, although a contractor has not yet been appointed.
Once complete, it will be the “largest water-based wellbeing destination in Europe”, according to the Therme Horizon JV, valued at €1bn.
The scheme proposes various different zones, more than 25 pools, and more than 35 waterslides.
“Our partnership with CVC marks a major milestone in the trajectory of Therme Group’s global expansion,” said Robert Hanea, chairman and chief executive of Therme Group.
“With CVC as our partner, we are committed to scaling our unique wellbeing infrastructure that delivers lasting value to the communities we serve. CVC’s significant investment enables us to grow our existing presence in Europe and accelerate our global development.”
CVC’s investment is being made through CVC Capital Partners IX, a €26bn fund raised in 2023.
The firm’s previous investments include the acquisition of 8.2% of La Liga broadcasting rights for the next 50 years for £2bn, a deal Real Madrid and Barcelona attempted to block, and the purchase of Indian Premier League side Gujarat Titans. CVC later sold its majority stake in the cricket team.
“We believe Therme is uniquely positioned to lead the future of wellbeing infrastructure”, said István Szőke, managing partner at CVC.
“This is not just an investment, it’s a growth-oriented operational partnership. Therme’s integration of wellbeing, sustainability, and experiential leisure as urban social infrastructure sets them apart.
As demand for wellbeing-focused experiences continues to grow, we’re excited to support Robert and his team in scaling their proven model and driving the next phase of their ambitious growth.”
Therme Group is being advised by Alantra, Slaughter and May, K&L Gates, and PwC.
ZZZZZZZZZZ. H2S will be finished before this starts
By Bob
The progress on this is ridiculous. Get Darren Whitaker onto it.
By Elephant
Glad it’s actually going ahead although taking an age. It should be a great addition to Manchesters leisure offerings when completed. People will moan about the additional traffic I know but worth it.
By Anonymous
Good grief, work here makes progress on the Liverpool waterfront seem fast tracked. Will someone please stop showing us pictures and throw a spade in the ground before I go to meet the choir invisible.
By Constantine
Imagine the clientele
By Anonymous
Oooh…just imagine. Snobbish much?
By Anonymous
The clientele for this are going to be families with a lot of money. This isn’t Sharston baths and the prices they’ll be charging will undoubtedly reflect that.
By Mark Addy
Most people don’t see snobbish as an insult, some even take it as a compliment
By Anonymous
I have several friends who have been to their Bulgarian site and were mind blown by how good it was . This will be such an escape in the dreary drisly days that stretch through autumn to spring. I wish it were opening sooner.
By Andrew
This will really add to the other leisure offerings around here when finished and there are so many now. Also looking too at their existing site, while fairly exclusive definitely not for snobs either which is of course as it should be.
By Lord Snooty