McLaren has agreed to sell its Woking base to investment firm LNG in a deal worth £ 170million, with the transaction expected to close in the second quarter of 2021.
Although McLaren no longer owns the premises – which include the McLaren Technology, Production and Thought Leaderships centers – it will remain as a tenant for the next 20 years under the deal.
The manufacturer and the F1 team began their search for a buyer last September in hopes of cleaning up their finances following the devastation caused by the Covid-19 pandemic.
Manufacturing was temporarily halted, global car sales plummeted, and the start of the 2020 Formula 1 season has been delayed by several months.
Last May, McLaren cut 1,200 employees from its Applied, Automotive and Racing divisions, a loss of more than a quarter of its total workforce.
He also secured a £ 150million loan from the National Bank of Bahrain and sought to borrow £ 275million against its classic car collection and Woking facility.
The £ 170million deal announced today is well below the £ 200million figure he was looking to surpass when he asked estate agent Colliers to start marketing the buildings.
“We are delighted to announce that this world-class facility will be part of the LNG portfolio,” said CEO James Nelson. “The state-of-the-art McLaren Group Headquarters buildings have won numerous awards, were designed by renowned architect Norman Foster and are the type of mission critical net leased properties that make up the LNG portfolio.
“We are very pleased to have been able to collaborate and work with the McLaren Group management team to complete this transaction. We look forward to the long-term partnership with McLaren and the benefits this transaction will have for LNG. “
GNL is a New York Stock Exchange listed real estate investment trust that specializes in single tenant sale and leaseback transactions, as is the case here.
The McLaren base in Woking was built in 2004 and achieved Carbon Trust Standard certification in 2010. It is widely regarded as a state-of-the-art facility, with self-cleaning roofs and surrounding lakes used for on-site cooling.
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Source: www.autocar.co.uk
This notice was published: 2021-04-20 14:47:29
