Trowers & Hamlins advises US REIT Global Net Lease (NYSE:GNL) on the £170m acquisition and leaseback of McLaren's headquarters in Surrey
International law firm Trowers & Hamlins has advised the US REIT Global Net Lease (NYSE:GNL) on the purchase of the 50-hectare McLaren Campus near Woking, Surrey, as part of a 20-year leaseback agreement.
The £170m leaseback deal includes all three buildings on the site which house McLaren's Automotive, Racing, and Applied divisions, including the world-class 841,000 square feet McLaren Production Centre (MCT). The 20-year lease will see McLaren continue to operate out of the Campus as its global headquarters.
Initiated in 1998, the award-winning MCT was designed by renowned architect Sir Norman Foster. In 2012, McLaren became the first team to retain the Carbon Trust Standard. Commended for the site's technologically advanced and environmentally friendly design, the facility uses nearby lakes for on-site cooling and has a roof design that can clean itself without needing to drain natural resources.
GNL is a NYSE-quoted real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties in the USA, Europe and the UK. Trowers & Hamlins is GNL's exclusive counsel for the acquisition and management of its UK portfolio.
A team from Trowers & Hamlins led by Real Estate partner Julien Allen and assisted by Samir Nathwani, Simon Bryning and Shivana Sood (Real Estate) Tim Brown and Rob Walker (planning), James Huckstep and Amy Bentall (Construction) and Melanie List (Tax) advised on the property acquisition and lease back, which was exchanged in just 14 days from approval of heads of terms. Ashurst acted for McLaren Group.
In an equally impressive display, the Trowers & Hamlins Banking team, led by finance partner Eddie O'Hanrahan with assistance from Jonathan Grosvenor and Saloni Malde, negotiated and completed the financing within 15 days of terms being agreed between GNL and the lender.
Real Estate partner Julien Allen commented:
"We are thrilled to have acted for GNL on this acquisition, in what represents an exciting addition to their already impressive worldwide portfolio of commercial property. The mechanics of the deal necessitated a unique mobilisation of effort and dedication on behalf of all concerned on the Trowers side, dealing with numerous legal and financial complexities within a challenging timescale. I'm delighted that this deal has underlined Trowers' recognised ability to deliver brilliant results for our clients against demanding odds. It also marks ten years of a strong and fruitful relationship with GNL and we look forward to many more."