McLaren agrees $237mln deal to sell headquarters

UK-based luxury automotive, technology and motorsport company said as part of the transaction it has agreed a 20-year lease with Global Net Lease

  

MANAMA: McLaren Group, majority owned by Bahrain’s sovereign wealth fund Mumtalakat, has agreed the sale of its global headquarters to Global Net Lease for a total of £170 million (approximately $237m).

In a statement yesterday, the UK-based luxury automotive, technology and motorsport company said as part of the transaction it has agreed a 20-year lease with Global Net Lease, a $4 billion publicly traded net leased real estate investment trust focused on global sale-leaseback transactions involving single-tenant, mission critical assets.

The McLaren Campus – which includes the McLaren Technology Centre (MTC), McLaren Production Centre and McLaren Thought Leadership Centre, in Woking, Surrey, England – will remain McLaren’s global headquarters.

The sale and leaseback process was first announced towards the end of last year as part of a proactive step in the Group’s comprehensive refinancing strategy and to ensure the most efficient use of capital.

The proceeds from the transaction will be used to reduce the group’s leverage and to underpin the group’s strengthened financial position.

The sale and leaseback process has been supported by Global Leisure Partners and negotiated by global real estate advisory firm Colliers.

The deal is expected to complete by the end of May.

McLaren is looking to invest 20 per cent of its revenues in research and development and plans to launch 15 new models or derivatives by 2022.

Targeting annual sales of 4,500 cars by 2022, the company’s ambitious growth plans include the production of hybrid-powered vehicles.

The group also secured a £150m financing facility from the National Bank of Bahrain in June last year.

avinash@gdn.com.bh

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