Property developer Structured House Group (SHG) is set to deliver 5,000 student accommodation beds across the UK after securing a £500 million deal with a US investor.

The Glasgow firm said the agreement with Chicago-based Harrison Street Real Estate will also see it source land and deal with the planning processes.

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.”

Robert Mathias, head of international at Harrison Street, 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.”