Supercar maker McLaren Group has appointed Colliers International to market its 84-acre Woking head office in a sale and leaseback deal.
The Formula One firm which announced 1,200 job losses in May, has based its global head offices at its Norman Foster-designed campus since 2003. Now it expects to raise £200 million from the sale.
Robert Campkin, head of corporate capital solutions for Colliers International, said: “The proposed sale and leaseback of the McLaren Campus offers a unique opportunity to acquire an award-winning state-of-the-art globally renowned and iconic headquarters campus let to the McLaren Group.
“This is a rare opportunity to acquire a high-profile asset in a core M25 location with long-term occupancy of 20 years. Such an iconic campus will undoubtedly be an attractive opportunity for global investors right now.”
The slump in global car sales throughout the Covid-19 crisis has led McLaren to bring in a package of measures.
In a statement issued to Sky News, a spokesman said: “The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year.
“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.
“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.”
Image: Alistair Rickman / CC BY (https://creativecommons.org/licenses/by/2.0)
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