The State Oil Fund of Azerbaijan (SOFAR) has made a new real estate
acquisition. For 135 million euros, it purchased a building in Paris
at Place Vendome 8, a press-release of the fund says. The building
contains offices and retail space.
Earlier this week SOFAR first announced the completion of the acquisition of real estate in the UK. The State Oil Fund of Azerbaijan
became the owner of an office complex in London's West End at 78
St.James. The deal amounted to 177,350,000 pounds.
" To ensure the high diversification of investment risk, many sovereign
wealth funds consider investment opportunities in assets other
than traditional financial instruments. Recently SOFAR seriously
increased the amount of funds in management and investment," the executive director of SOFAR Shahmar Movsumov is
reported as saying by the State Oil Fund. He confirmed that the purchase in
London is the first direct investment by SOFAR in real estate.
