Legal & General Student Living

Legal & General Student Living operates as a dedicated platform within the broader Legal & General Group, a financial services organization established in 1836. Legal & General is recognized as one of the United Kingdom's prominent financial services groups and a significant global investor, managing £1.2 trillion in total assets as of FY25, with approximately 43% of this being international assets. The group maintains a business model that aims to drive returns and is active in institutional retirement, retail savings and protection, and asset management across both public and private markets. Legal & General is committed to responsible investing and focuses on the long-term savings and investment needs of its customers and society.

The L&G Student Living Platform was formally launched in April 2024 with its first direct-let Purpose Built Student Accommodation (PBSA) acquisition. This initial acquisition involved the Aqua Portfolio from Global Student Accommodation, comprising two modern PBSA assets: Clifford House in Exeter and Scotway House in Glasgow. These properties, completed in 2019, were acquired for a combined price of approximately £122 million. Clifford House in Exeter provides 312 bedrooms, while Scotway House in Glasgow offers 399 bedrooms. Both assets have demonstrated consistent rental growth and maintained occupancy rates exceeding 98%.

Legal & General Investment Management (LGIM), the asset management arm of Legal & General, has been active in the student accommodation sector for over a decade, with its first investment dating back to 2011. Prior to the launch of the direct-let platform, LGIM managed over £1.2 billion in the sector through a combination of equity and debt investments. The new direct-let PBSA strategy aims to target operational, up-and-built PBSA units that are no older than five years. LGIM plans to deploy approximately £0.5 billion of capital into the sector over the next two years, with a long-term objective of expanding the portfolio to over £1 billion and directly managing more than 5,000 beds across the UK.

The expansion into direct-let PBSA assets represents a further iteration of Legal & General's Living Sector strategy. This strategy complements the firm's existing residential property investments, which include over £1.1 billion committed across suburban build-to-rent, affordable housing, and later living schemes. Legal & General's build-to-rent strategy, launched in 2016, has committed over £3 billion of institutional capital and developed a portfolio of 24 schemes across 13 cities. The PBSA sector aligns with Legal & General's strategic requirements, including a focus on Environmental, Social, and Governance (ESG) factors, and provides portfolio diversification. The company views these investments as a means to provide quality accommodation for students while contributing to the British economy through long-term investment in real assets.

In April 2025, the L&G Student Living Platform further expanded its portfolio with the acquisition of "The Place" in Nottingham. This addition, comprising 409 beds, is located near Nottingham city centre and the University of Nottingham's new Castle Meadow Campus. Developed by MRP and constructed by McAleer & Rushe, the scheme was completed in August 2024 and is in its first operational academic year. The property is operated by Homes For Students under its Prestige Student Living brand, which Legal & General retains as its preferred operating partner. The building has achieved BREEAM Excellent, WiredScore Platinum, and an EPC A rating, reflecting the company's focus on high-quality and sustainable accommodation. Legal & General's direct-let PBSA strategy targets newly developed and operational PBSA units built within the last five years, with a goal to deploy approximately £0.5 billion of capital into the sector over the next two years and directly manage over 5,000 beds across the UK in the long term.