215: Ciref up on Jersey property investment purchase

Navigation trail: / latestnews / archive / 215 - published: 25-10-06

Property Investment News - LONDON (SHARECAST) - Ciref jumped to a new best Tuesday as the property investment and development firm said it has exchanged contracts to acquire a 50% interest in a building known as 26 The Esplanade, St Helier Jersey, for �27.1m.

The building, let to three blue chip tenants on leases in excess of 15 years, is 59,000 sq ft in total and has been acquired on a net yield of 5.9%.

It is currently under construction and is expected to be completed in the summer of 2007.

Director Mike Watters said, �This prime office building complements our retail portfolio and gives a diversification to the overall portfolio.�

�The tenant makeup, good yield and brand new nature of the building makes this an exceptional acquisition.�

CIREF said it has also invested �1.5m in a consortium of financiers that has recently acquired the Four Seasons Health Care Group.

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