McLaren is set to sell famous headquarters at Woking for £170 million but will lease back premises on a 20 year contract.
Real Estate Investment group Global Net Lease has confirmed it is acquiring McLaren’s iconic headquarters in a deal valued at £170 million ($237 million) and sales terms allowing McLaren to lease back the premises for the next 20 years.
Consisting of the McLaren Technology Center, the McLaren Production Center, and the McLaren Thought Leadership Centre, the futuristic headquarters based in Woking, England, covers 840,000 square feet and is home to over 1000 workers across McLaren’s Automotive, Racing and Applied Technologies divisions.
“We are excited to announce that this world-class facility will become part of the GNL portfolio,” said James Nelson, CEO of GNL. “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. The acquisition exemplifies GNL’s ability to source large scale and accretive sale-leaseback opportunities in a competitive marketplace that add significant value to our overall portfolio. We believe our global presence as a leading net lease REIT will continue to provide attractive acquisition opportunities that complement our best-in-class portfolio.”
Having been on the market since last year, McLaren has been keen to find a buyer to sure up cash flow at the convergence of multiple events, including the impact of COVID-19 on business operations and the final installment payout of the £275 million buyout of Ron Dennis’s share of McLaren.
“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. And that’s the start of the journey to start cleaning up the balance sheet [at McLaren],” McLaren’s chief executive Zak Brown shared in 2020. “I think the majority of companies in this world don’t actually own the real estate that they are tenants of. We’ve got a lot of cash tied up in that building, as you can imagine, and that’s not a very productive use of funds when you’re looking to invest in your business.
“So we’ll ultimately sell it to someone. We will then do an extremely long-term lease, and then we’ll use that money to invest in our business to help us grow our business. So it’s a pretty typical financial restructuring exercise.”
The deal, which is expected to be finalized in the second half of 2021, still falls short of the initial £200 million McLaren was hoping to achieve with the sale but will ensure the cash injection gives the autogroup breathing room to continue operations.
Lamborghini is celebrating the 50th anniversary of Countach with a special edition LPI 800-4 model debuting at this year’s Monterey Car Week.
In celebration of the Countach’s 50th anniversary, Lamborghini has unveiled a special limited edition Countach LPI 800-4 as a futuristic tribute to the poster car of the 1980s.
While sharing the same name and drawing on the visual legacy of its predecessor, the new Countach LPI 800-4 is powered by Lamborghini’s aspirated V12 engine combined with new hybrid supercapacitor technology initially developed for the Sian.
Delivering 802hp maximum combined power (rounded to 800 for the sake of its model name), the LPI 800-4 can reach 0-62mph acceleration in just 2.8 seconds and hit a top speed of 220mph.
“The Countach LPI 800-4 is a visionary car of the moment, just as its forerunner was,” says Automobili Lamborghini President and CEO Stephan Winkelmann. “One of the most important automotive icons, the Countach not only embodies the design and engineering tenet of Lamborghini but represents our philosophy of reinventing boundaries, achieving the unexpected and extraordinary and, most importantly, being the ‘stuff of dreams.
“The Countach LPI 800-4 pays homage to this Lamborghini legacy, but it is not retrospective: it imagines how the iconic Countach of the 70s and 80s might have evolved into an elite super sports model of this decade. It upholds the Lamborghini tradition of looking forward, of exploring new design and technology avenues while celebrating the DNA of our brand. It is a Lamborghini that innately expresses the marque’s enduring and emotive power: always inspirational and thrilling to see, hear and most of all drive.”
Inspired by the Countach’s distinctive silhouette, sharp angles, and wedge shape, the Countach LPI 800-4’s exterior inspiration was taken specifically from the Quattrovalvole edition in the bold lines of the front bonnet with long, low rectangular grille and headlights, as well as in the wheel arches with their hexagonal theme.
Unfortunately for fans of the Wolf of Wall Street Countach, there’s no fixed rear wing on the latest model. However, there are still air scoops integrated fluidly into the car’s shoulders and the distinctive Countach slatted “gills” and famous scissor doors.
The rear of the Countach LPI 800-4 still features a distinctive inverted wedge shape, with the rear bumper featuring a lower, sleeker line and the hexagonal rear light design similar to that of the Sián.
Lamborghini has revealed only 112 models of the new Countach LPI 800-4 will be produced (a number chosen in honor of the internal project name “LP 112” used for the original Countach development) with allocations already fulfilled prior to the public launch.
Porsche Motorsport celebrates 25 years partnership with Manthey-Racing and reveals the limited edition 911 GT2 RS Clubsport 25.
Porsche Motorsport is celebrating 25 years of collaboration with Manthey-Racing GmbH and has unveiled the limited edition 911 GT2 RS Clubsport 25 to commemorate.
Founded by racing driver Olaf Manthey in 1996, Manthey-Racing GmbH is responsible for running the Porsche 911 RSR of the factory squad in the FIA World Endurance Championship (WEC) and has made a name for itself in both the motor racing world and as a GT road car specialist.
The basic concept and technical ideas for the new special edition was provided by Manthey and based on the 911 GT2 RS Clubsport with Porsche providing the final design.
Developed specifically for track days and circuit racing, the Porsche 911 GT2 RS Clubsport 25 is powered by a 3.8-liter flat-six twin-turbo engine and produces 515 HP directed to the rear wheels through Porsche’s seven-speed dual-clutch gearbox (PDK).
Taking inspiration from Manthey’s 911 GT3 R, known as the “Grello” because of its distinctive green and yellow livery, the Porsche 911 GT2 RS Clubsport 25 sports a similar green and yellow color scheme to highlight functional areas of the vehicle and adopts many vehicle components and elements from future Porsche racing cars.
“The design of the 911 GT2 RS Clubsport 25 expresses the long-standing collaboration between Porsche Motorsport and Manthey,” emphasizes Grant Larson from Style Porsche. “It amalgamates the respective strengths of each partner into one racing car, and at the same time bridges the gap between the 991 and 992 model generations of the 911.”
The Porsche 911 GT2 RS Clubsport 25 is limited to 30 vehicles in total (only six are allocated for North America) with deliveries expected to begin in early 2022.
To order, customers will need to email 911GT2RSClubsport25@porsche.de directly and have a spare $620,00 on hand.
The new Pagani Huayra BC Pacchetto Tempesta is set to make its debut at this year’s Monterey Car Week and celebrates ten years of the Huayra supercar.
This year at Monterey Car Week, Pagani celebrates ten years of the Huayra with the world premiere of the new Pagani Huayra BC Pacchetto Tempesta.
Based on the Huayra BC, the new Pacchetto Tempesta package means the Huayra BC’s high-performance platform can be equipped with a range of “state-of-the-art technical and artisan solutions” to maximize the car’s racing abilities and achieve an 8% power increase to deliver 827 hp and 1,100 Nm torque.
Pagani has only teased several introductory images of the green carbon fiber bodied beauty ahead of the premiere, and although full details are yet to be shared, Pagani has noted that the Pacchetto Tempesta features a new front splitter, dedicated air intake, rear wing with an integrated central fin, and six-pipe exhaust system to maximize aerodynamic efficiency.
A tweaked suspension system and the addition of an all-new “Soft Driving mode” also ensure drivers are afforded maximum comfort in the aggressive Huayra BC Pacchetto Tempesta.
The Huayra BC Pacchetto Tempesta will make its debut at The Quail, A Motorsports Gathering event on Friday 13th August at Monterey Car Week 2021 and will be seen alongside the Huayra R project and an up-close-and-personal look at the all-new Pagani V12-R engine, six-speed sequential gearbox.
While no prices have been revealed yet, the Pagani Huayra BC Pacchetto Tempesta will no double start above the $2.25 million price tag of the Huayra BC.