Universities Superannuation Scheme (USS), the U.K.’s largest private pension scheme by way of assets, has agreed to the terms of a major investment in bp’s freehold property estate of 199 U.K. forecourts. USS was advised by U.K. law firm, Gowling WLG.
USS has agreed to invest nearly £400 million (€439 million/$516 million) for a 49 percent stake in a sale and leaseback of the property estate. This has been made possible by the creation of a new joint venture holding structure, which will become landlord. bp will retain sole operational control of the forecourts as tenant under new 20-year leases.
“This is a prime portfolio which is diversified across the U.K. and which benefits from sustainable rents set against the proven trading performance from both fuel and non-fuel sales,” said Alex Turner, USS Investment Management deputy head of property.
This deal allows bp to realize some of the value tied up in its freehold property portfolio and to realloc
