The company will create a new student village at the university’s Pittville Campus in Cheltenham.
The project involves building 577 new student rooms as well refurbishing 214 existing rooms.
Additional facilities and features include a new gym, dining hall, faith room, a new students' union and over 1,000 sq m of dedicated office space for university staff.
Uliving, a student accommodation company formed by Bouygues Development and Derwent Living, has now achieved financial close on the scheme.
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The project has been given the go ahead due to a £40 million government guarantee.
It is the first time a guarantee has been granted to a privately-financed university accommodation project.
Chancellor George Osborne said: "Better infrastructure is about improving people's lives, and that's why we are determined to get Britain building again.
"Our initial deal will deliver a modern, new student village to give the next generation of students the first-class facilities they deserve.
"In my Spending Review we announced that we're extending our UK guarantees scheme to March 2021 to help kickstart other exciting infrastructure projects like this one right across the country."
Stephen Marston, Vice Chancellor of the University, added: "The university is delighted that financial close has been achieved on the scheme.
"This means we can now move ahead with the building work. The new student village at Pittville will give our future students a great place to live, with well-designed and well-managed accommodation and good facilities in a wonderful location.
"This is a major step in ensuring we can provide high-quality accommodation for all first year undergraduate students."
(LM)
