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Azerbaijan pays $286mln for first European property

Posted on 18 December 2012

Azerbaijan bought a central London office block for 177 million pounds ($286 million), its debut property deal in Europe that underlines the safe investment appeal of the continent’s top real estate.
The country’s $33 billion state oil fund bought the 188,600 square foot building in the upmarket St James’s district from RREEF Real Estate, the property arm of Deutsche Bank, the German bank said on Monday. The building, which is let to banking group HSBC until 2023, gives an investment yield of about 5.4 percent……………………………………..Full Article: Source


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