Azernews.Az

Azerbaijan's state oil fund, SOFAZ, is planning to invest around $1 billion in the purchase of real estate in the Asian markets in 2013, SOFAZ Executive Director Shahmar Movsumov told reporters.

"Given the downturn in the global economy, the Asian market is the only developing one under these conditions and is seen as a key market for the acquisition of real estate this year," Movsumov said.

As previously reported, SOFAZ is currently considering the possibilities of investing in commercial real estate in Singapore, China, Japan, South Korea, Hong Kong and Australia.

According to SOFAZ's investment strategy, for the first time since last year up to five per cent of the fund's total investment portfolio may be invested in stocks, up to five percent - in real estate, and five percent - in gold.

SOFAZ's latest acquisition was Gallery Actor, mixed-use office and retail complex located on Pushkin Square in Moscow. The transaction was valued at $133 million.

Earlier, SOFAZ announced its purchase of an office complex in London's West End for £177. 35 million, as well as a €135 million property in Paris.

The projected total cost (average amount) of SOFAZ's investment portfolio for 2013 was set at 25.2 billion manat, while as of late 2012 it was projected at 23 billion manat.

As of April 1, 2013, SOFAZ's assets amounted to over $34.325 billion, or 0.6 percent more compared with the beginning of the year.

SOFAZ was established in 1999 when its assets amounted to $271 million.

The official exchange rate on April 26 is 0.7846 AZN / USD.