BP sells Sunbury business centre to Spelthorne Borough Council for £360m

The oil giant has signed a 20-year-lease deal with Spelthorne Borough Council as the council seeks to secure its finances.

BP has sold its biggest office building in Britain to a local council for an estimated 360 million pounds, according to industry sources, and will remain in the premises as a tenant.

Spelthorne Borough Council,  said in a statement it had purchased the Sunbury-on-Thames facility from the British oil and gas giant as a way to boost revenue streams. It did not state the price it paid.

Under the terms of the agreement, BP will remain as a tenant at the Sunbury site, where it employs around 3,000 people, leasing back the offices for a minimum period of 20 years.

A BP spokesman confirmed the sale but declined to comment on the price. The site houses BP’s global business as well as its research and development business.

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September 29, 2016