Glasgow is planning to ‘remortgage’ the city chambers, Kelvingrove Art Gallery, Kelvin Hall and the Gallery of Modern Art to fund outstanding equal pay claims.
The venues, and two school campuses, would be sold to an arm’s length body – City Property Glasgow (Operations SL3) LLP – and then leased back.
Loans would be taken out against the value of the buildings and the lease payments will be used to cover the borrowing costs. It is expected the deal will raise around £200m of an anticipated total of £270m.
