This should help McLaren get back on track.
McLaren is struggling to recover from the financial losses caused by the pandemic, forcing the automaker to shut down production, delay future product plans, and cut 1,200 jobs. In a surprise move to raise funds, McLaren decided to put its famous headquarters in Woking, England, up for sale last September, in addition to securing a £150 million loan from the National Bank of Bahrain.
Seven months later, McLaren has sold the 840,000-square-foot site to an investment firm based in New York called Global Net Lease in a deal worth £170 million (around $237 million at today's rates). This falls short of the £200 million McLaren was seeking. The transaction is expected to be finalized in the second quarter of 2021.
There is a catch, however: as part of the deal, Global Net Lease is required to lease it back to McLaren for the next 20 years.
The deal includes the state-of-the-art McLaren Technology Center, which was used as a filming location for the Fast & Furious spin-off movie 'Hobbs & Shaw' and features an artificial lake, the McLaren Thought Leadership Center, and the McLaren Production Center, where road cars like the McLaren 720S, McLaren GT, and the new McLaren Artura hybrid supercar are assembled.
"We're excited to announce that this world-class facility will become part of the GNL portfolio," said James Nelson, CEO of Global Net Lease.
"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're 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."
Let's hope this cash injection can give McLaren the financial security it needs to get back on track.