Electrical conductivity and high dielectric constant are in principle self-excluding, which makes the terms insulator and dielectric usually synonymous. This is certainly true when the electrical carriers are electrons, but not necessarily in a material where ions are extremely mobile, electronic conduction is negligible and the charge transfer at the interface is immaterial. Here we demonstrate in a perovskite-derived structure containing five-coordinated Ti atoms, a colossal dielectric constant (up to $mbox{10}^9$) together with very high ionic conduction $mbox{10}^{-3}mbox{S.cm}^{-1}$ at room temperature. Coupled investigations of I-V and dielectric constant behavior allow to demonstrate that, due to ion migration and accumulation, this material behaves like a giant dipole, exhibiting colossal electrical polarization (of the order of $mbox{0.1,C.cm}^{-2}$). Therefore, it may be considered as a ferro-ionet and is extremely promising in terms of applications.