Harper Macleod has advised a Glasgow property manager on a series of complex funding arrangements totalling £646 million to fund equal pay agreements for council employees.
The Scottish legal firm’s banking and finance team has supported City Property, controlled by Glasgow City Council, on three projects to secure the bumper finance package, which was required to meet obligations under an equal pay settlement agreed with council staff.
The funding was secured on a “substantial” portfolio of property in and around the city, including office, retail and industrial units.
Glasgow City Council will retain the existing operational use of newly purchased landmark buildings through leaseback arrangements.
Tony Cameron, partner and head of banking and finance at Harper Macleod, who led the 38-strong project team, said the deals “work for all parties, not least the 12,000 households in Glasgow which will benefit from the equal pay settlement”.
The deals are the latest complex financing arrangements in which the Harper Macleod team has been involved.
These include assisting insurance group Assured Guaranty in completing a £195m loan package secured by a number of property assets, such as the Riverside Museum and Glasgow Royal Concert Hall.