M&G Investments is investing £350m (€470m) in a portfolio of UK leisure assets for its long lease fund.
The investment manager agreed a sale-and-leaseback deal with David Lloyd Leisure on 44 health and racquet clubs.
The company said 32 of the assets had already completed.
The portfolio of 25 freehold and 19 leasehold properties is leased for 125 years.
Most of the capital for the deal is coming from the £3bn M&G Secured Property Income Fund.
Ben Jones, manager of the M&G Secured Property Income Fund, said more than £750m of further capital was committed to the fund last year by new and existing clients.
“Many defined benefit pension schemes are actively seeking cash-generating assets to pay pensions,” he said.
M&G said the fund now holds 204 properties worth £3.2bn.