McLaren agrees sale and leaseback deal for Woking Formula 1 factory
The £170m agreement includes a 20-year lease for the team
Woking-based Formula 1 team McLaren have agreed a deal to sell and leaseback their headquarters.
The £170m agreement with American company Global Net Lease is expected to be completed later this year.
As well as providing a cash boost for the team, it includes a 20-year deal for them to remain at the site off the A320.
The McLaren Technology Centre was originally opened in 2004 and cost a reported £300m to build.
James Nelson, CEO of GNL, said: "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.
“We are very pleased to have been able to collaborate and work with the management team of the McLaren Group to effect this transaction.
“We look forward to the long-term partnership with McLaren and the benefits this transaction will have to GNL.”