LONDON 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, west of London, 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.
(Reporting by Ron Bousso; Editing by Alexandra Hudson)