Glasgow City Council receives £210 million from Phoenix Group

Phoenix Group has provided £210 million investment to City Property Glasgow, a wholly owned subsidiary of Glasgow City Council, to support the council’s recently settled equal pay liability.

In collaboration with asset manager abrdn, Phoenix Group has secured the investment in a property portfolio that includes some of Glasgow’s most iconic buildings such as the Kelvingrove Art Gallery, two educational campuses across the local area and the City Chambers.

The funding will be used to close out the remaining equal pay liability, with around 19,000 individuals positively affected by the settlement of the equal pay.

The investment is an excellent match for Phoenix’s long-term annuity liabilities. It also highlights the company’s commitment to have a positive social impact through investments in areas across the UK.

The long-term fixed-rate fully amortising bond will help the GCC deliver on its ability to resolve the equal pay matter and protect assets in the city which will continue to be used for the greater public good.

Manuel Dusina, head of infrastructure, Phoenix Group, said: “This funding will help provide significant investment in Glasgow and aligns with our commitment to invest in assets across the UK to help have a positive social impact.”