City Property’s £646 Million Property Fundings

Harper Macleod has advised City Property on a series of three complex funding arrangements totalling £646 million.

City Property is ultimately controlled by Glasgow City Council, which required the funding to meet its obligations under the equal pay settlement it agreed with members of staff. The three deals saw City Property secure finance of £646 million on a substantial property portfolio of assets located in and around Glasgow, including office, retail and industrial properties. The existing operational use of newly purchased landmark buildings will be retained through leaseback arrangements.

Tony Cameron (Picture), Partner and Head of Banking & Finance at Harper Macleod LLP, led the 38-strong project team.

Involved fees earner: Tony Cameron – Harper Macleod;

Law Firms: Harper Macleod;

Clients: City Property Glasgow;

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