McLaren Group headquarters sold to property firm for RM968 million, continues operations on 20-year lease

In a bid to secure more short-term funding, the McLaren Group has sold its headquarters in Woking, Surrey in England to property firm Global Net Lease for GBP170 million (RM968 million).

This is for the combined 840,000 square-foot campus that consists of the McLaren Technology Centre (MTC), McLaren Production Centre (MPC) and the McLaren Thought Leadership Centre. The transaction is expected to be finalised in the second quarter of 2021, and McLaren has signed a 20-year lease and will continue to operate from the premises.

Designed by architects Foster and Partners, the campus was opened in 2004, and is home to McLaren Racing, the constructor of the brand’s Formula 1 cars, McLaren Automotive, its road car division, and McLaren Applied, which develops data capture and control systems for automotive, health and fitness as well as other industries.

McLaren had previously been in talks to sell a share of its Formula 1 team to improve its financial standing, after being hit hard by the pandemic. In May 2020, the group had planned to lay off 1,200 employees from its road car and Formula 1 divisions from a total of 4,000 staff employed at the time.

In July last year, McLaren received US$184 million (RM788 million) in funding from the National Bank of Bahrain, and later on in September that year, listed its headquarters for sale.

The post McLaren Group headquarters sold to property firm for RM968 million, continues operations on 20-year lease appeared first on Paul Tan's Automotive News.

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