The third and final funding deal to cover the cost of Glasgow City Council’s equal pay settlement has been agreed.

A £195m loan has been struck between Assured Guaranty and City Property, which is wholly owned by the council.

It is secured by assets including the Riverside Museum, Tollcross International Swimming Centre, Glasgow Royal Concert Hall, Gorbals Leisure Centre and Toryglen Football Centre.

READ MORE: Equal pay battle could have cost a fraction of £550m bill

The authority sold the sites to City Property and will lease them back to cover the cost of the loan repayment.

Council leader Susan Aitken said: “I am very pleased to see the conclusion of this process. It is the biggest financial deal concluded in the UK this year.

“The outcome of it is the payments delivered into the back accounts of claimants.”

She described the conclusion of the deal as a “job well done”.

A report to the council’s city administration committee stated terms have been finalised with City Property “for the sale and lease-back of these properties on commercial terms”.

“The lease, which will be on full repairing and insuring terms, is for a period of 32 years with a rent free period after the 1st April 2050,” it adds.

“The total rent payable to City Property by the Council is £20.4 million with annual inflation of 2.75 per cent.”

The first deal – for £285m – was struck with Legal and General earlier this year. A £166m, 30-year loan was then agreed with Canada Life Investments in September.

Other properties to be included in the deals are the SEC Armadillo, City Halls, Glasgow Museum Resource Centre, Emirates Arena, Scotstoun Leisure Centre and Bellahouston Leisure Centre.

Ten of the eleven properties are leased to Glasgow Life for a peppercorn rent. The remaining property is leased to the Scottish Event Campus (SEC).

These deals have resulted in payments being made to women following a long-running dispute over pay. The row centred on women who were paid up to £3 an hour less than male colleagues, despite being in the same pay grade.

READ MORE: No end to Glasgow's equal pay fight until women feel justice is done

In October last year, workers took part in a 48-hour strike over the dispute, with schools shut and home care services affected.

The settlement proposal does not fully extinguish the council’s equal pay liability. Potential ongoing liability remains in respect of any claimant who was in employment from April 1 last year up to the date when a new pay and grading structure is introduced.