Global Net Lease (GNL) has entered into an agreement to sell the McLaren Campus, a three-building, 840,000-square-foot property located in Woking, Surrey, England – for £250 million ($335 million) at a 7.4 percent cash cap rate.
It comprises the McLaren Technology Center, Production Center and Thought Leadership Center.
“We believe the sale of the McLaren Campus represents a compelling opportunity for GNL to realize a significant premium on the property, with the sale price reflecting a 210 basis-point compression in the cash cap rate since acquisition,” said Michael Weil, CEO of GNL. “We plan to deploy a significant amount of the net sale proceeds to meaningfully reduce outstanding debt, which we believe will strengthen our balance sheet, increase liquidity, and expand capacity on our Revolving Credit Facility. We believe the transaction enhances GNL’s position, providing added flexibility and ample dry powder to pursue attractive strategic initiatives, inc
