Scottish property firm in £500m student accommodation deal
A Scottish property developer has signed a £500m joint venture with a US company to build student accommodation across the UK.
Structured House Group (SHG) said the agreement with Harrison Street Real Estate would lead to 5,000 apartments being built over the next five years.
Under the deal, Glasgow-based SHG will source land and seek planning permission for projects.
It will also develop and operate the accommodation.
Potential sites have already been identified in Glasgow, Dundee, Edinburgh, Manchester and Liverpool.
Work has already started on the first joint project at Scotway House in Glasgow. It will provide about 400 student beds.
The development includes plans for two restaurants, a library and study rooms, and is expected to create about 300 jobs, SHG said.
SHG chief executive Craig Inglis said: "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."
Robert Mathias, from Harrison Street, said: "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."