Glasgow City Council is set to sell and leaseback a number of properties to its standalone property company to pay for compensation claims relating to a historical equal pay case.
Last month, the council abandoned its attempts to fend off a legal claim that it had not paid women employees equally.
The council has agreed to pay claimants £548m, which will be funded by selling a number of properties to City Property Glasgow Investments, owned by the council.
“These assets will be acquired and funded through debt finance provided by the market,” a report to councillors said.
“The council will thereafter lease these assets back from CPGI at a commercial rent for a similar term as the loan finance.”
