Modifying the plain style paramenteres, (see this answer by egreg), you could add \onehalfspacing (or \doublespacing) from setspace package.
\documentclass[a4paper,fleqn]{report}
\usepackage{setspace}
\usepackage{amsthm,amssymb,amsmath}
\newtheoremstyle{myplain}
{\topsep} % ABOVESPACE
{\topsep} % BELOWSPACE
{\itshape\onehalfspacing} % BODYFONT
{0pt} % INDENT (empty value is the same as 0pt)
{\bfseries} % HEADFONT
{.} % HEADPUNCT
{5pt plus 1pt minus 1pt} % HEADSPACE
{}
\theoremstyle{myplain}
\newtheorem{theorem}{Theorem}[chapter]
\usepackage{mwe}% only for testing
\begin{document}
\chapter{A Chapter}
\section{A Section}
\blindtext%only for testing
\begin{theorem}
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Blah Blah
\end{theorem}
\blindtext%only for testing
\end{document}

Edit: I don't know how to set the linespacing exactly in cm, but you can put any value you want in \setstretch{...}.
\documentclass[a4paper,fleqn]{report}
\usepackage{setspace}
\usepackage{amsthm,amssymb,amsmath}
\newtheoremstyle{myplain}
{-\baselineskip\topsep} % ABOVESPACE
{\topsep} % BELOWSPACE
{\itshape\setstretch{2}} % BODYFONT
{0pt} % INDENT (empty value is the same as 0pt)
{\bfseries} % HEADFONT
{.} % HEADPUNCT
{5pt plus 1pt minus 1pt} % HEADSPACE
{}
\theoremstyle{myplain}
\newtheorem{theorem}{Theorem}[chapter]
\usepackage{mwe}% only for testing
\begin{document}
\chapter{A Chapter}
\section{A Section}
\blindtext%only for testing
\begin{theorem}
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Balah Blah Blah
Blah Blah
\end{theorem}
\blindtext%only for testing
\end{document}
