A GLASGOW property developer has struck a £500 million deal with a US investor which will see it build 5,000 student accommodation beds around the UK, writes Scott Wright.

Structured House Group will also source land and deal with the planning processes under the partnership with Chicago-based Harrison Street Real Estate, announced yesterday. Work on the first project is under way on the site of Scotway House on the north bank of the Clyde in Glasgow, which will provide around 400 beds.

Around 300 people are expected to be employed on its development, with two restaurants, a library and study and screening rooms among plans for the building. It is expected to be ready in time for the 2019 academic year.

Further projects are planning for Dundee, Edinburgh, Manchester, Plymouth and Liverpool, while sites are also being assessed in Germany, Austria and Portugal.

SHG chief executive Craig Inglis 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.

“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.”