McLaren has confirmed it plans to sell off its Woking headquarters in an attempt to “deliver a stronger balance sheet”.
Interestingly, the plan is to lease back the property after selling.
“The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt refinancing and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year,” the British company said in a statement.
“Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.
McLaren said the move would have “no impact” on its daily business.
“The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations. The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future,” the statement added.
Zak Brown, the British firm’s racing chief executive, said separately McLaren was “not a real estate company”.
"Why have all this money tied up in real estate? We're not a real estate company; we're a racing team and an automotive company," Brown said, according to Automotive News Europe.
"We've got a lot of cash tied up in that building and that's not a very productive use of funds when you're looking to invest in your business," he added.
The Surrey property covers some 500 000 m², with the main glass-walled building designed by architect Norman Foster and positioned on an artificial lake.
Original article from Car