Glasgow-based developer Structured House Group (SHG) has signed a £500 million joint venture (JV) deal with US company Harrison Street Real Estate to build new student accommodation across the UK.

Plans involve building 5,000 new apartments over the next five years, with SHG to source land and gain planning permission as well as developing and operating the accommodation. Potential sites include Glasgow, Dundee, Edinburgh, Manchester and Liverpool.

Work is already underway on a 400-bed development on the site of Scotway House in Glasgow, with plans including two new restaurants, a library and study rooms. Around 300 jobs will be created by the scheme.

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Craig Inglis, Chief Executive of SHG, said: "This is a major moment for SHG and a great example of a Scottish company attracting major investment, giving us the scale and ability to perform on a global platform.

"We have spent the past 12 months negotiating the terms of this agreement and it’s very exciting, finally to have passed the line. This joint venture will significantly boost the amount of accommodation and living space for students, as well as bringing jobs and prosperity to every city we enter.

"We look forward to working with Harrison Street and to growing our partnership over the next five to 10 years."

Robert Mathias, Head of International at Chicago-based Harrison Street, said: "We are excited to enter into a long-term partnership with Structured House Group to bring much-needed, high-quality student accommodation to the city of Glasgow and other attractive markets.

"As one of the largest investors in student housing, we look forward to bringing our significant resources and experience to bear for the benefit of our partners and investors."

(LM)