Glasgow raises £195m in debt finance deal

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Glasgow City Council has completed a deal with pension insurer Pension Insurance Corporation (PIC), to help fund its equal pay settlement

In January, the council abandoned its attempts to fend off a legal claim that it had not paid women employees equally and agreed to pay claimants £548m.

The deal will see PIC invest £195m of debt finance in the council’s City Property Glasgow Arm, secured on five properties including the city’s Royal Concert Hall and Riverside Museum.

The council struck a similar deal worth £285m with Legal & General earlier this year.