| Azerbaijan's state oil fund Sofaz has made its first real estate investment in Japan, buying retail property Kirarito Ginza in Tokyo for 52.3 billion yen with Mitsubishi UFJ Trust and Banking Corp, it said on Wednesday. The fund said it bought the property from Elliott Advisors Asia and Orix Corp.
The US$37 billion Sofaz sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to pay for social spending and infrastructure projects. "We are delighted to have made our first foray into the Japanese real estate market. Our investment rationale for this asset is based on its capital preservation capacity," said Shahmar Movsumov, the fund's executive director, adding it saw potential to enhance the property's return over the medium to long term...............................................Full Article: Source
|