Legal & General has acquired a 409-bed student accommodation asset in Nottingham for its Institutional Retirement business, continuing its push into the purpose-built student accommodation (PBSA) sector.
The property, located near the University of Nottingham’s new Castle Meadow Campus, was completed in August 2024. It is now in its first academic year of operation and will continue to be managed by Homes for Students under the Prestige Student Living brand.
L&G’s PBSA strategy focuses on recently developed, operational assets with strong sustainability credentials. The Nottingham site meets this brief, holding BREEAM Excellent, WiredScore Platinum, and EPC A certifications.
The deal aligns with L&G’s plan to deploy around £500 million into the PBSA market over the next two years, with a target of managing more than 5,000 beds and building a portfolio exceeding £1 billion.
To support platform growth, L&G has appointed James Brant as Senior Asset Manager. He joins from CRM Students, bringing over a decade of experience across university partnerships and private PBSA operations.
The acquisition adds to L&G’s broader residential portfolio and supports its long-term strategy of delivering institutional-grade rental housing on a larger scale.
