McLaren has sold its iconic headquarters, including the Formula 1 factory, for almost $240 million to a New York-based real estate investment company.
Global Net Lease announced the deal earlier this week, revealing that it will acquire the full 840,000 square-foot Woking, Surry, England complex on a 20-year-triple-net lease. A “triple-net” lease means the tenant—McLaren—no longer owns the property but pays for all of the expenses.
The sale price was reported by Autoblog at $236 million.
“Why should we have all of our money in real estate?” McLaren Racing chief executive and American Zak Brown told Italy’s La Gazzetta dello Sport media outlet. “We are not a real estate company. We are a racing team and automotive company. There is a lot of money in this building and it’s not a productive advantage when we want to invest in our business,” he added.
Initiated by Ron Dennis in 1998, the award-winning McLaren Technology Centre was originally called “Paragon” and designed by renowned architect Norman Foster.
“We look forward to the long-term partnership with McLaren and the benefits this transaction will have to Global Net Lease,” said the New York-based company’s chief executive James Nelson.
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