Global Net Lease Buys McLaren Group HQ in $237M Sale Leaseback
The REIT is poised to make five other acquisitions.
Global Net Lease is acquiring a three property office and industrial campus in Woking, England that serves as the world headquarters for McLaren’s Automotive, Racing, and Applied divisions. The purchase price for the combined 840,000 square foot campus is £170 million (or approximately $237 million) with a 20-year, NNN lease. The transaction is expected to close in the second quarter of 2021.
“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,” says CEO James Nelson.
Earlier this month, the REIT announced a forward acquisition pipeline of six properties to be acquired for an aggregate $258 million at a going-in cap rate of 8.5% and a weighted-average cap rate of 9.7% with an average remaining lease term of 19.4 years.
“We are looking forward to expanding our best-in-class portfolio with six additional assets that fit our investment profile which targets mission-critical assets with net leases to strong underlying tenants in the United States, Canada, Western and Northern Europe,” Nelson said at the time.
Global Net Lease also reported that it collected 99% of the original cash rent due for the first quarter of 2021 as of April 1, 2021.