Silverstone sells lease to MEPC

LONDON (Reuters) - Property developer MEPC, which is backed by BT's pension fund, has taken a 999 year lease on the Silverstone Industrial Estate and development land around the outside of the Formula One circuit, the track's owners said on Wednesday.

The British Racing Drivers' Club (BRDC) said in a statement that the agreement does not include the management or development of Silverstone Circuit.

"MEPC has paid 32 million pounds for a long-term lease. This payment has allowed the BRDC to pay off its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council," the statement said.

Planning permission had been granted for the development land, the BRDC added.

The BRDC said it had also agreed terms with a suitable partner "to further develop and invest in the circuit and circuit-related facilities" but could not reveal details under the terms of non-disclosure agreements.

It aimed to complete the negotiations before the club's annual general meeting on October 4.

(Reporting by Alan Baldwin; Editing by John O'Brien)