William Eichler 02 December 2019

City council property company welcomes £195m investment

Glasgow City Council has announced it will be using a multi-million pound investment in its property company to help fund its equal pay settlement.

The specialist insurer of pension funds, Pension Insurance Corporation plc (PIC), has said it will invest £195m of debt finance in City Property Glasgow Ltd, a subsidiary of the Glasgow City Council Group.

The debt, which will be secured on a portfolio of five strategic city properties, including the Royal Concert Hall, the Riverside Museum and various sports and leisure facilities, will be used to fund the council’s equal pay settlement.

Glasgow City Council agreed to pay out a reported £548m in January after a long-running dispute over women being paid historically less than men in jobs of the same grade.

Pauline Barclay, managing director of City Property, said: ‘We are pleased to have been able to complete this transaction with PIC, an increasingly important lender in the private debt space. The PIC team have been flexible and proactive in helping us achieve our aims.’

According to PIC, the investment was attractive because the 29-year amortising debt profile was a good match for their future pension payments.

Allen Twyning, head of debt origination at PIC, said: ‘We are pleased to have completed this transaction which supports Glasgow City Council. It represents a good portfolio diversifier for PIC.

‘With almost seven billion of insured pension scheme liabilities announced so far this year, PIC continues to look for secure, long-term cashflows to back our pension payments.

‘These investments are a good fit for our long-term liabilities and at the same time have a wider benefit for society.’

SIGN UP
For your free daily news bulletin
Highways jobs

Pre-School/Nursery Assistant

Essex County Council
Up to £13.00 per hour
Pre-School/Nursery AssistantPermanent, Part Time£13.00 per hourLocation
Recuriter: Essex County Council

Preschool Nursery Assistant - Level 3 Qualified

Essex County Council
Up to £13.00 per hour
Preschool Nursery Assistant - Level 3 QualifiedPermanent, Part Time£13.00 per hourLocation
Recuriter: Essex County Council

Trading Standards Project Officer - Tobacco and Vapes

Essex County Council
£26601.0000 - £31295.0000 per annum
Trading Standards Project Officer - Tobacco and VapesFixed Term, Full Time£26,601 to £31,295 per annumLocation
Recuriter: Essex County Council

Social Care Worker - WMF2272e

Westmorland and Furness Council
£34,434 - £35,412
We have an exciting opportunity, for a passionate, enthusiastic person Cumbria / Various
Recuriter: Westmorland and Furness Council

Apprenticeships & Intermediate Labour Market Coordinator

The Royal Borough of Kensington & Chelsea Council
Negotiable
Create real opportunities for local people and help shape a fairer future. As an Apprenticeships and Intermediate Labour Market Coordinator, you'll wo England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council
Linkedin Banner