Following months of negotiations aimed at selling the 840,000 square foot facility, a deal was announced on Tuesday for the factory to be bought by American company Global Net Lease (GNL). The transaction is expected to be completed in the second quarter of this year and will include a 20-year lease for McLaren. James Nelson, CEO of GNL, said: "We are excited to announce that this world-class facility will become part of the GNL portfolio. “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." McLaren faced serious cash flow issues last year and, as it looked for ways to bolster its finances, it believed there was no benefit to having cash locked up in its factory facility. It pursued a sale-and-leaseback deal to help deliver an instant financial boost, as it allows it to capitalise on the expansive facility in Woking and then reinvest that money in the company. Read Also: What McLaren’s factory sale means for the future of the F1 team Speaking last year, McLaren CEO Zak Brown explained: “Why have all this money… Read full this story
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