The McLaren Group Headquarters in Woking has been acquired by Global Net Lease in a 20-year sale-leaseback format.
Ever since COVID-19 struck, McLaren has been looking to generate extra funds to sustain itself, amid the car sale market going down by a notch. They have already had influx of capital from Bahrain with stake sale too, while selling of heritage cars is also on card.
In the meantime, the work to sell off its HQ in a leaseback format was already on. It has finally concluded with US-based Global Net Lease acquiring the Woking base for £170 million. The deal is based on 20-year sale-leaseback conditions.
The company has agreed to acquire three property office and industrial campus in Woking. It includes the Automotive, Racing and Applied Divisions of McLaren, which spans to about 840,000 square foot. The deal is expected to close in second quarter of 2021.
“We are excited to announce that this world-class facility will become part of the GNL portfolio,” said James Nelson, CEO of GNL “The McLaren Group Headquarters’ state of the art 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 GNL portfolio. We are very pleased to have been able to collaborate and work with the management team of the McLaren Group to effect this transaction.
“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. We believe our global presence as a leading net lease REIT will continue to provide attractive acquisition opportunities that complement our best-in-class portfolio.”
Here’s news on McLaren stake sale
