Phoenix Group, owner of Standard Life, said it has provided a £210 million investment to City Property Glasgow, a wholly owned subsidiary of Glasgow City Council, to support the council’s recently settled equal pay liability.

Phoenix Group said that in collaboration with Edinburgh-based investment giant Abrdn, it “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.”

Phoenix Group, the UK’s largest long-term savings and retirement business, said the funding “will be used to close out the remaining equal pay liability” with around 19,000 individuals involved in the settlement of the equal pay.

“This investment provides an excellent match for Phoenix’s long term annuity liabilities,” said Phoenix Group.

“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.”

Manuel Dusina, Head of Infrastructure, Phoenix Group, said: “This funding will help provide significant investment in Glasgow and aligns with our commitment to invest in assets across the UK to help have a positive social impact.”

Andrew Dennis, Head of Private Placement Research, Abrdn, added: “This transaction is highly innovative and cost-efficient, allowing Glasgow City Council to settle historic liabilities, whilst also providing a highly rated asset for our client.

“It demonstrates how good financial structuring can deliver socially impactful assets for clients.”