Saturday, September 19, 2020
News McLaren to Sell Company's Iconic Technical Centre: Report

McLaren to Sell Company’s Iconic Technical Centre: Report

McLaren selling HQ building to help curb losses

  • Company wants to sell and lease back HQ

  • Parts of efforts to raise hundreds of millions in capital


If you’re looking to buy a supervillain’s lair, then this might be your best chance for a while. Except that the deal to buy the McLaren Technology Centre in Woking won’t actually let you move in.

There are hard times afoot in motorsports and high-end cars, and that might be why McLaren is planning to sell its amazing headquarters, including the roadway that loops around its iconic front pond.

Sky News reports that the company is looking to have real estate firm Colliers market a deal to sell and leaseback the MTC building. Likely to draw massive attention from investors, this is a prime bit of land and a wonderfully done office complex. The deal could raise £200m (CAD 340m) for McLaren in the short term.

The report says that McLaren has already taken extensive measures to raise cash in exchange for equity from existing shareholders as well as a £150m loan from the National Bank of Bahrain. The company is also working on offering a stake in the racing division, which would well tempt buyers following the recent purchases of the Racing Point team as well as Williams F1.

“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,” McLaren told Sky in a statement, adding that “the proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.”

The impact of COVID-19 on motorsports and road car operations played a part in McLaren’s announcement of a £184m (CAD 313m) loss in the first half of the year.

 

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1 COMMENT

  1. Sounds like Round 2 of the legal battle with the bondholders is coming. They still have security over the Surrey HQ asset, if they didn’t allow a mortgage, they’re definitely not going to allow a sale.

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