| The State Oil Fund of Azerbaijan, a sovereign wealth fund, has bought an office complex at 78 St James Street in London’s West End for £177m, the first asset in a £1bn in spending targeted at luxury and trophy properties across Europe. Annual rental income is £9.65m, putting net initial yield at 4.5% p.a., SOFAZ said.
Seller was RREEF Real Estate, part of the alternatives investment division of Deutsche Bank wealth management; the asset came from the fund grundbesitz europa. SOFAZ Executive Director Shahmar Movsumov commented: “Sovereign Wealth Funds across the globe are looking for ways of diversifying their risks by expanding their investments beyond traditional asset classes ..............................................Full Article: Source
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