⁍ BP BP.L has raised £400 million from the sale of a stake in land leases of 199 British petrol stations to a UK pension fund.
⁍ The Universities Superannuation Scheme (USS) acquired a 49% of the freehold leases.
⁍ BP will hold the remaining 51% stake in a newly created limited partnership.
– BP is getting out of the gas station business in a big way. The energy company has sold off a 49% stake in land leases for gas stations in Britain to the UK pension fund, reports Reuters. BP will keep a 51% stake in the new entity and continue to operate the gas stations under long-term leases. The move is part of BP’s plan to cut $25 billion in debt by 2025, notes the Wall Street Journal.
Source: https://www.reuters.com/article/us-bp-m-a-retail/bp-raises-500-million-from-sale-of-uk-petrol-station-leases-idUSKBN2701MP