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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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BP : raises $500 million from sale of UK petrol station leases

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10/15/2020 | 11:47am EDT
Signage for a BP petrol station is pictured in London

LONDON (Reuters) - BP has raised £400 million ($517 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, USS said in a statement dated Oct. 7.

BP will hold the remaining 51% stake in a newly created limited partnership, Exmoor Properties PFLP.

It will also continue to operate the sites under long-term leases, the London-based energy company said in a statement.

BP aims to sell $25 billion in assets by 2025, around half of which it says have been sold or agreed on, in order to reduce a ballooning debt pile and pay for its plans to rapidly grow its renewables business.

BP has 300 company-owned petrol stations in Britain and a further 900 dealer-owned and operated sites.

The USS deal follows similar retail property transactions BP had made in both Australia and New Zealand.

(Refiles to fix word in last para)

(Reporting by Ron Bousso; editing by Jason Neely)

By Ron Bousso


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Financials (USD)
Sales 2020 178 B - -
Net income 2020 -21 653 M - -
Net Debt 2020 46 140 M - -
P/E ratio 2020 -2,29x
Yield 2020 10,6%
Capitalization 51 690 M 51 861 M -
EV / Sales 2020 0,55x
EV / Sales 2021 0,42x
Nbr of Employees 67 600
Free-Float 93,2%
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Number of Analysts 21
Average target price 4,39 $
Last Close Price 2,55 $
Spread / Highest target 163%
Spread / Average Target 72,3%
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Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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