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Silverstone lease confirmed

Wednesday 11th September 2013

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Silverstone lease confirmed

Silverstone lease confirmed

The British Racing Drivers' Club (BRDC) has secured Silverstone's long-term future by leasing parts in and around the track to MEPC.

The Silverstone Industrial Estate and development land around the circuit have been sold to the commercial property company on a 999-year lease for £32million.

Importantly, though, the deal does not include the management or development of the Northamptonshire track itself and the Club is expected to announce a management buyout of the track before their AGM in October.

The BRDC, though, confirmed that the money from the deal was used to repay its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council.

BRDC chairman Stuart Rolt said in a statement: "Following major improvements to Silverstone, including significant investment in the Grand Prix Circuit and building of The Wing, the BRDC Board was given a mandate three years ago to attract suitable partners to invest in Silverstone and help realise the full potential of its 760-acre Estate.

"Over three years the Board has given consideration to a number of offers from credible parties and we are delighted to have reached an agreement with MEPC, which was selected on the grounds of its financial standing, reputation, the quality of the developments it has undertaken - and continues to own - and the price it was prepared to pay.

"We have every confidence that their vision for our land will see the realisation of a high-quality development, which will add to the ever growing status of Silverstone as a world-class centre for motor sport and vehicle engineering. We are also confident that in MEPC we have a partner which fully appreciates the status of Silverstone as a race circuit, its history, the ethos of the BRDC and the importance of doing everything to ensure that reputation is enhanced in the future."

Rick de Blaby, chief executive officer of MEPC, added: "When we were approached with the BRDC's vision of what Silverstone might become in its next iteration, it was easy for my colleagues and I at MEPC to relate to such ambition; the creation of great business estates, with clusters of particular commercial activity that have a sense of place and community, is what we do.

"That the BRDC had secured planning consent for its Masterplan is to its great credit and we are, of course, hugely cognisant of the immense history of Silverstone and its current standing today, not just as a venue for world-class motor sport, but as a centre for high-end precision engineering."

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