29.04.2013 - Azeri sovereign wealth fund plans to plough $1bln into international real estate
Azerbaijan's sovereign wealth fund is planning to invest around $1bn in international real estate in 2013, as it aims to diversify its portfolio, a senior official stated on April 25. The State Oil Fund of the Azerbaijan Republic (Sofaz), which started investing into foreign real estate in December, is looking mainly to invest in Asian and Australian real estate, Executive Director Shakhmar Movsumov told Reuters. The $34bn fund, which accumulates revenue from Azeri oil and gas exports, put around $600m into real estate in 2012. Sofaz made its first international real estate investment with the GBP177.35m purchase of an office complex in St James Street, London. This was followed by investments in Paris and Moscow...............................................Full Article: Source
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