One by one Americans are taking over F1. They own the entire series, they now have two F1, there is now an American owned F1 team, and now they own McLaren’s building.
The McLaren Group has agreed to sell its Woking industrial campus to US real estate investment trust Global Net Lease for $235 million.
McLaren put the property on the market last year to shore up its finances following a significant downturn in revenue of its automotive and racing operations due to the global COVID-19 pandemic.
The contract purchase price for the combined 840,000 square foot three property office and industrial site is $235 million, but includes a 20-year sale-leaseback deal that will allow McLaren to continue to operate out of its Woking headquarters.
“We are excited to announce that this world-class facility will become part of the GNL portfolio,” commented 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.”