SOFAZ plans to purchase real estate in three countries

Tue 23 April 2013 09:19 GMT | 14:19 Local Time

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The State Oil Fund of Azerbaijan (SOFAZ) is planning to purchase real estate in three other countries.

The statement came from the executive director of SOFAZ, Shahmar Movsumov.

According to him, in the near future, they are expected to visit Asia.

"This year we will visit three countries - China, Korea, and Australia, and in the second half of the year will make a decision about purchasing a property in these countries. We are talking about commercial facilities," said Movsumov not excluding the possibility of acquiring real estate in all three countries.

SOFAZ in accordance with its investment strategy may invest up to 5% in real estate investment portfolio.

Previously, the Fund acquired retail and office centre Gallery Actor at Pushkin Square in Moscow for USD 133m, a real estate complex in London's West End (for 177.35m pounds), and a real estate complex consisting of office and retail properties in the Place Vendome in Paris (for EUR 135m).

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