UK - BBC Scotland has sold its new Glasgow headquarters before it has been built to a consortium of pension funds and private investors for £129m.
Ten private investors and 15 pension schemes have invested in a mortgage-backed securitisation deal for the Pacific Quay building arranged by Barclays Capital.
BBC Scotland will lease back the building from the bondholders in an initial 30-year deal, allowing the broadcaster to fund the construction and furnishing of the building without using licence fee money.
The building is due for completion in July 2007.
A BBC Scotland spokesman said: “We were always very mindful that we would not use licence-payers’ money for this and have been looking at different ways of doing it. This method worked very well for the redevelopment of the BBC’s Broadcasting House in London.”
BBC Scotland is tied in to the original lease for 30 years, after which it has the option of vacating, signing a new lease or buying the freehold. The corporation will get the first three years rent free and pay £6m-£7m a year thereafter.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.