is selling the City Chambers, Kelvingrove, the Kelvin Hall, Gallery of Modern Art and two new schools to council-owned City Property and will lease them back for an annual cost.
The 2019 deal was financed through a sale-and-lease-back arrangement, with wholly-owned arm’s-length company City Property Glasgow Investments LLP borrowing to purchase a portfolio of operational buildings from the Council, then leasing them back.Elaine Galletley, director of finance, said in a report to councillors: “All operational activity carried out at these establishments will continue as normal and will not be affected by the sale and leaseback proposals.
Susan Aitken, leader of the council, said: “Kelvingrove and the Kelvin Hall are also extremely close to Glaswegians as were many in the first tranche.
This is a terrible idea
For once can you actually ditch the sensationalist nonsense headlines or are you that desperate for attention? Not sold just mortgaged. Still owned by Glasgow public.
Disgrace. ! Selling the family Jewels to cover costs.
Disgrace. ! Selling the family Jewels to cover costs.
This building used to hold free energy back in the day.... thelosthistory
Governments can't keep selling assets, it gives private firms too much power & lessens public purse in total, just look at the state of housing with selling those off
Jesus Christ
This is quite sad , the new owners won't be in long before they start charging
OMG
Sounds like an attempt to attract a Government bail out.
SNP failure.
😱😱😱😱😱
Were thry not already remortgaged by SNP GCC to fund that?
Must be other things sitting around costing the council money they can take care of before selling these things off.
Yet another reason to never ever vote labour again. Better yet, have them to pay for the mess they made.
😅😅😅😅😅😅
Nooooo That is a crime
Thank you Labour.... 😡