The £6bn property giant has acquired The Printworks in central Manchester from Resolution Property for £93.9m.
The 350,000 sq ft mid-market leisure complex was developed in 2000 by the Midlands-based Richardson family and attracted nine million visitors in 2011.
The scheme is currently 93% let with a weighted average unexpired lease term of 12.9 years. Tenants include the only IMAX cinema in Manchester, a Virgin Active health club, national restaurants, nightclub and bar operators.
Richard Akers, director of Land Securities, said: "Leisure is not subject to the same structural changes currently occurring in retail and its importance in how and where people choose to shop is growing. The Printworks is the dominant leisure scheme in one of the top cities in the UK and its acquisition builds upon the significant relationships we have across our portfolio with leisure operators."