McLaren Technology Centre, Production Centre and Thought Leadership Centre to be leased back
By PH Staff / Tuesday, April 20, 2021 / Loading comments
Following last year’s announcement that McLaren’s HQ at Woking was to be sold, the firm has today confirmed that a £170m deal has been done with US company Global Net Lease. The entire 840,000 square foot McLaren campus at Woking – the MTC, the McLaren Production Centre and the McLaren Thought Leadership Centre – is part of the arrangement.
The deal comes as part of McLaren’s strategy to mitigate the worst effects of the pandemic, including a £150m loan from the National Bank of Bahrain and a move to mortgage its collection of historic cars.
The manufacturer has signed a 20-year lease on the premises, ensuring that Woking remains the global base of operations for all of McLaren’s divisions. A statement said the move to sell is a “proactive step in the Group’s comprehensive refinancing strategy”, one that would “ensure the most efficient use of capital.”
James Nelson, CEO of Global Net Lease, commented: “We are excited to announce that this world-class facility will become part of the GNL portfolio…We look forward to the long-term partnership with McLaren and the benefits this transaction will have to GNL. The acquisition exemplifies GNL’s ability to source large scale and accretive sale-leaseback opportunities in a competitive marketplace that add significant value to our overall portfolio.” Negotiated by Colliers, the acquisition of the McLaren Campus is expected to complete at the end of May.
- £150m loan secured by McLaren
- McLaren 765LT | PH Review
Source: Read Full Article