million office block being built on the old Rock Galaxy site on the Esplanade.
The other stakeholder in the joint venture company which has acquired the building is an unnamed private individual.
The building, which is being constructed by Dandara and is expected to be completed next summer with 59,000 square feet of floor space, has been let on long leases to JFSC Property Holdings No.
Ltd, AIB Bank (CI) Ltd and Capita Fiduciary Group Ltd.
It has been acquired on a net yield of 5.
%.
Mike Watters, director of Ciref, said: ‘It is a prime office building which complements our retail portfolio and gives a diversification to the overall portfolio.
The tenant makeup, good yield and the fact that the building is new makes it an exceptional acquisition.
Ciref has also invested £1.
million in a consortium of financiers that has recently acquired the Four Seasons Health Care Group – owners of the former Silver Springs Hotel at St Brelade.
Another Ciref director, Stephen Carlin, said: ‘Although this is a small investment, it has given Ciref an exposure to the growing care-home sector of the real estate market.
The acquisition will be used as a base to expand our interests in this area.
