Canada Life Investments has agreed a £166m, 30-year loan deal with City Property Glasgow – a wholly owned subsidiary of the council.

The loan is secured by assets including the Emirates Arena and Sir Chris Hoy Velodrome.

The sites were sold to City Property earlier this year, which has granted the council a lease over them for three years.

Susan Aitken, leader of the council, estimated that around 12,000 households in Glasgow would benefit from the equal pay settlement, agreed in February this year.

Ms Aitken said: “Hundreds of millions of pounds has been paid to thousands of our staff who had been denied equal pay for too long.

“That is a huge step from where we were two years ago and a really significant milestone on the road to delivering pay justice.”

Nicholas Bent, head of real estate finance at Canada Life Investments, added: “We are delighted to announce this unique financing with City Property and the council.

“It definitely emphasises the positive impact that a long-term investment partnership can provide.”