Land Securities said it would spend well over 100m pounds to take control of entertainment firm X-Leisure.
The target firm owns 16 schemes across the UK, including the X-scape centre in Milton Keynes and Brighton Marina.
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Land Securities has signed share purchase agreements with Capital & Regional and AREA Property Partnership to take a further 42% interest in the X-Leisure Unit Trust.
It will also take 100% interests in X-Leisure Limited, the management company of the fund, and X-Leisure (General Partner) Limited for around £110.6m.
Land Securities currently owns a 12% interest in the X-Leisure Unit Trust.
The deal would give the company day to day control of the assets in the X-Leisure Unit Trust.
Executive Director Richard Akers said leisure continued to be a growing element of the company's portfolio both organically and through acquisition.
"This transaction will further increase our reach and expertise in the sector," he said.
"Today's announcement is an affirmation of our belief in the attraction of leisure and of our desire to be responsible for the management of assets where we hold a majority share."
The transaction is subject to approval from unit-holders who are not participating in this transaction to the transfer of the management company to Land Securities.
It also needs Capital & Regional shareholder approval for the sale of their interests in both the fund and the management company.
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