Phoenix Group provides £210m to Glasgow City Council

Written by Adam Cadle

20/03/2023

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

In collaboration with global investment company abrdn, Phoenix 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. This investment provides a match for Phoenix’s long term annuity liabilities

This investment 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.

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