UK - The pension fund of UK-based software company KEL has acquired a UK office for £2.81m (€3.29m).

The trustees of the pension scheme bought the freehold interest of Mariner House in Ipswich from development and investment company Wrenbridge.

The purchase price reflected an initial yield of 7.13% and a guaranteed reversionary yield of 7.81%.

Wrenbridge received 10 written offers and the property was secured after a second round of best bids.

Mariner House comprises a self contained office building arranged over four floors, providing open plan office accommodation.

The 21,000 square foot building has recently been refurbished to a modern specification.

The property is let in its entirety to Suffolk Mental Health Partnership NHS Trust on a new 15-year lease from 15 April 2009.

The initial rent is £211,775 per annum with a fixed increase to £231,943 pa in April 2014. Thereafter, the rent will be reviewed to open market value.

King Sturge advised the KEL Pension Scheme and Bidwells acted for Wrenbridge.