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Structured House Group Enters £500m Joint Venture

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Property developer Structured House Group is looking to deliver 5,000 units of student accommodation across the UK after it secured a £500 million deal with a US investor.

The Glasgow based firm has entered an agreement with Harrison Street Real Estate in Chicago, which will see it source land and deal with the planning process.

Work on the first scheme is already underway and will transform the site of Scotway House on the north bank of the Clyde in Glasgow.

The development will accommodate around 400 students and around 300 people are expected to be employed as part of the building project. The site is expected to be ready in time for the 2019 academic year.

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

Commenting on the agreement, 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."

Meanwhile, head of international at Harrisson Street, Robert Mathias, added: "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."