Student accommodation provider, Unite Students Group (USG), has reached an option agreement to acquire a new 800-bed project in Glasgow.

While it remains subject to planning approval, USG has agreed to acquire the £95 million city centre development, adding to its current portfolio of 3,000 beds in Glasgow.

USG expects to deliver the scheme as a university partnership with at least half of the beds to be let on a multi-year nominations agreement to a leading university.

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The group has said that is hopes to secure planning permission for early 2024, with the project delivered for the 2026/27 academic year. The group expects to fund the project from capital recycling through the disposing of properties in its portfolio.

Michael Burt, USG Investment Director, said: "Our latest development will create new supply of high quality, affordable student accommodation in Glasgow to support the continued growth of our university partners."