BBC bonds sale to fund Glasgow HQ

THE BBC will sell £130 million (€195 million) of asset-backed bonds to fund the development of its new Scottish headquarters in Glasgow, said Fitch Ratings, which is rating the debt.

Money raised will pay for the state-owned broadcaster's new headquarters, designed by architect David Chipperfield, at Pacific Quay on the south bank of the Clyde.

A specially created company, Pacific Quay Trustee No1 , will issue the bonds and purchase a 150-year lease on the Glasgow site.