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.