Structured House Group (SHG) has signed a £500m joint venture with Harrison Street Real Estate to build student accommodation across the UK.

The agreement will result in up to 5,000 apartments being built over the next five years.

Under the terms of the deal, SHG will source land and seek planning permission for projects, as well as develop and operate the accommodation.

Potential investment sites have already been identified in Glasgow, Dundee, Edinburgh, Manchester and Liverpool.

The first project in Glasgow, dubbed Scotway House, will provide around 400 student beds.

Commenting on the deal, SHG chief executive Craig Inglis, said: "We have spent the past 12 months negotiating the terms of this agreement and it's very existing, 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, added: "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."