The Place is operated by Homes For Students under its Prestige Student Living brand, who will be retained by L&G. L&G has announced the acquisition of The Place, Nottingham, on behalf of L&G’s Institutional Retirement business to bolster its Student Living portfolio. The prime purpose-built student accommodation (PBSA) consists of 409 beds located to the south of Nottingham city centre and 0.6 miles from the University of Nottingham’s new Castle Meadow Campus. The PBSA scheme, developed by MRP and constructed by McAleer & Rushe, completed in August 2024 and is currently in its first operational academic year. It is operated by Homes For Students under its Prestige Student Living brand, who will be retained as L&G’s preferred operating partner under the new ownership. The building demonstrates superior characteristics, achieving various marks of distinction against industry benchmarks, including B B:EA: Excellent, WiredScore Platinum and EPC A rating. "We are delighted to continue to deploy capital and realise the L&G Student Living Strategy through this acquisition of The Place, Nottingham. The building demonstrates the high quality of accommodation we are looking to introduce to the market, having been developed by one of our trusted delivery partners, MRP, who share a similar vision. "Investing in direct-let PBSA assets forms an important part of our wider residential portfolio. The sector has demonstrated strong alignment to our strategic requirements and is supported by robust demographic tailwinds and supply/demand fundamentals." "We are extremely proud of The Place which sets a new standard in the quality of PBSA in Nottingham to include excellent amenity space, gym facilities, private study areas, and sky lounge with external terracing. "Having taken the decision to hold the project beyond the construction phase, we have been very pleased with the strong occupancy levels achieved for The Place during its first year of operation, with this demand continuing through excellent forward bookings for the second year intake commencing September 2025. "We look forward to continuing our successful relationship with Nottingham City Council through the development of the BTR building proposed for the balance of our Queens Road site, and wish L&G every success with their investment in The Place." The direct-let PBSA strategy targets newly developed and operational PBSA units built within the last five years. L&G aims to deploy around £0.5bn of capital into the sector over the next two years, with the longer-term goal of growing the portfolio to over £1bn and directly managing in excess of 5,000 beds across the UK. To support further growth of the platform, L&G has also appointed James Brant as Senior Asset Manager. James will oversee the operational strategy of the PBSA portfolio responsible, directed by Adam Burney, who is the Head of Annuity Build to Rent & PBSA. He joins L&G with over 12 years of operational experience within the sector, having worked with several operators, universities, and vertically integrated investors, developers and operators. Most recently, James held the position of Commercial Director at CRM Students, overseeing third-party management growth in the UK and continental Europe. "Our own balance sheet is being put to positive use in the real economy – with tangible benefits across generations. These buildings provide students with quality accommodation, while the British economy benefits from long-term investing in socially productive assets. "This investment represents an important part of the Institutional Retirement asset origination and allocation strategy, ensuring we can match liabilities and pay pensions in a sustainable way whilst offering good value to our corporate and pension scheme clients. "We’re proud of how expertise from across the L&G business has unlocked these benefits for both the new generation, as well as the long-term future of those looking for a sustainable pension." L&G has been operating within the student accommodation sector for over a decade, following its first investment in 2011. It currently manages over £1.2bn in the sector, across equity and debt investments. The PBSA strategy complements L&G’s ambitions in growing its residential platform and helping tackle the current housing crisis, delivering the homes needed given our expertise across investment management all the way through to the development and operations of assets.

L&G expands PBSA strategy with The Place acquisition

L&G has announced the acquisition of The Place, a prime purpose-built student accommodation (PBSA) in Nottingham, to bolster its Student Living portfolio. The building, operated by Homes For Students under its Prestige Student Living brand, consists of 409 beds and is currently in its first operational academic year. L&G aims to deploy around £0.5bn of capital into the PBSA sector over the next two years, with the longer-term goal of growing the portfolio to over £1bn and directly managing in excess of 5,000 beds across the UK.