Strathclyde Pension Fund has bought a mixed-use property in Brighton for £17m (€21.4m).

DTZ Investors said it acquired the property for the £15.6bn local authority fund in an off-market transaction. 

The 42,500 sqft asset includes office and leisure space. 

Digital marketing company ICrossing is the building’s main tenant.

Strathclyde, responsible for the retirement benefits of workers in Glasgow, last month boosted its local property venture by £25m, ahead of fund manager Ediston Real Estate’s exhausting the scheme’s initial commitment.

The fund is increasing its commitment to the Clydebuilt Fund to £75m as part of efforts to grow its exposure to enhanced-yield strategies.