Seven months, that is the time it has taken McLaren to complete the sale of what until now was the jewel in its crown and its headquarters, the Technology Center (MTC), for a slightly lower amount than initially expected by the shareholders of the British company, present in the racing world but also in the commercial automotive world, within the super sports car segment.
The operation has been closed for 197 million euros, and the agreement with the purchasing party, the American company Global Net Lease (GNL), stipulates that the Woking equipment will remain at the facilities for the next 20 years, on a rental basis. The racing cars and racing cars of the team are out of the contract, a collection with incalculable value. With this maneuver, which will be completed during the second quarter of the year, McLaren seeks to gain liquidity to continue developing the different ramifications of its business.
The structure, like the rest of those measured in the Formula 1 World Cup, has had to drastically reduce costs as a result of the impact of the coronavirus, and the introduction in the regulation of the budget limit, set at 122 million euros. euros for this course and that will decrease until the 114 million that will be established from 2023. Like most European manufacturers, McLaren had no choice but to put its production on hold in March, when the COVID crisis broke out.
This freezing of activity was reflected in the economic balance sheets: revenues fell by 74% compared to 2019 figures, going from 590 million euros to only 154 million. The corporation began an aggressive thinning in May and cut more than a quarter of its 4,000-person workforce. At the same time, a package of shares worth more than 315 million euros was put up for sale, and a loan was requested from the National Bank of Bahrain for another 163 million.
LNG, for its part, acquires a unique complex in the world. This marvel of architecture that takes any visitor’s breath away is located in Surrey, on the outskirts of London, was designed by Norman Foster, cost around 320 and was inaugurated in 2004 in a solemn act presided over by Queen Elizabeth II. “We are delighted to announce that this world-class building becomes part of LNG,” said James Nelson, CEO of the corporation on Tuesday. “McLaren Group headquarters is a state-of-the-art, award-winning building designed by renowned architect Norman Foster and is the kind of mission-critical, rented property that makes up GLN’s portfolio,” the executive added.