M&G Investments, the fund management arm of Prudential, has toned up its alternative property portfolio by striking a £350 million sale and leaseback agreement with UK fitness chain David Lloyd Leisure, taking the total value for deals it has completed in this area since 2013 to around the £1 billion mark.

The £247.5 billion asset manager said in a statement on January 7 the transaction encompassed 44 health and racquet clubs, on a ground lease basis for 125 years. The deal means David Lloyd Leisure will continue to occupy the sites bought by M&G as a tenant paying rent to the investment firm.