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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

SOFAZ acquires office block in S.Korea for $447 mln

Posted on 03 April 2014

Azerbaijan’s state oil fund (SOFAZ) has acquired an office complex in the South Korean capital Seoul for $447 million, the fund said on Tuesday, as it further diversifies a broad portfolio of foreign assets.
Increasingly wealthy Azerbaijan’s $34 billion fund holds the proceeds from oil contracts, oil and gas sales, transit fees and other revenues, and uses the returns on its investments to help pay for social spending and infrastructure projects. The 65,000 square-metre Pine Avenue Tower A, in Seoul is the fund’s first acquisition in the Asia Pacific region…………………………….Full Article: Source


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