Trowers & Hamlins supports GNL sale

International law firm Trowers & Hamlins has successfully advised their long-standing client, Global Net Lease (NYSE: GNL), on the significant £250 million sale of the McLaren Campus. The McLaren Technology Centre, established in 1998, showcases an innovative design by the esteemed architect Sir Norman Foster. Spanning 840,000 sq ft, the three-building McLaren Campus located in Surrey not only serves as the headquarters for the illustrious McLaren Racing and McLaren Automotive but is also celebrated for its environmentally advanced design features. These include lakes used for on-site cooling and a self-cleaning roof, which exemplify the commitment to conserving natural resources alongside a cutting-edge factory floor.

The transaction has yielded an approximate £80 million profit for GNL, furthering its strategic objectives in the real estate sector. Previously, Trowers & Hamlins assisted GNL in its initial £170 million acquisition and leaseback of this iconic site in 2021. GNL operates as a publicly traded net lease real estate investment trust with a vast global portfolio comprising over 850 commercial properties.

The Trowers team, led by Real Estate partner Julien Allen, managed the complexities of the sale with contributions from partner Samir Nathwani and team members Tom Hosking, Hannah Eastaff, and planning expert Tim Brown. They adeptly crafted a US-style purchase agreement supported by an English law contractual framework, while providing vendor due diligence for the buyer's financiers, represented by Pinsent Masons. Eversheds acted for the buyer, headed by Philip Tunney.

Michael Weil, CEO of Global Net Lease, expressed his satisfaction with the transaction, stating, "We are pleased to complete the sale of the McLaren Campus, which is another important step in the continued execution of our strategic initiatives in Europe and the United Kingdom. We are grateful to the Trowers team for its high-quality and tireless work in bringing this to fruition." He further noted that the sale fortifies GNL’s balance sheet by reducing leverage and enhancing flexibility for potential strategic options, including share repurchases and acquisitions.

Julien Allen also shared his enthusiasm, remarking, "After ten years of working with Global Net Lease on their UK and European portfolios, we are delighted to be advising this valued client on a major transaction once again, this time on the sale of the McLaren Campus. This deal successfully concludes their latest disposition programme of 2025 and marks an exciting transition to their next strategic phase."

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