The sale includes a total of 1,050 acres of freehold land with potential long-term leisure and residential development angles. However, the principle value of the business comes from hosting motor racing events, track testing, corporate/retail entertainment days and motor sport activities.
The business is currently owned by The Interpublic Group of Companies Inc, a New York Stock Exchange quoted advertising and marketing communications group. Interpublic has instructed Jones Lang LaSalle's corporate finance team to sell the properties.
JLL European director Julie Green said: 'There are many high net worth individuals and companies associated with motor racing who will find this offer extremely attractive. We also believe that the business will appeal to a wider universe of UK and international investors. We have received over 70 enquiries in the pre-marketing period and we are expecting significant additional interest now that we have formally commenced the marketing process.'
Initial bids are expected to be called for at the end of July with the transaction due to be completed in a closed auction in September. JLL will release no asking price because it has not completed the financials on the racing businesses.
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