Azerbaijani oil fund expands scope of real estate investments
Azerbaijani state oil fund SOFAZ is considering an opportunity to buy property in Turkey, Singapore, Indonesia and Malaysia, SOFAZ told Trend news agency on Tuesday.
SOFAZ said that in particular options of purchasing property in Istanbul and central cities of Singapore, Indonesia and Malaysia are being considered.
"At present, all the variants are being considered, analysed and evaluated," SOFAZ said. "Depending on the research results in this area and in accordance with SOFAZ's investment strategy for 2013, the final decision will be made."
SOFAZ said that at this stage the company is considering the options of purchasing office real estate.
"This can be seen by the acquisitions made by the company in Europe and Russia," SOFAZ said. "The main goal is to get revenues from property rent."
According to SOFAZ's investment strategy, up to five per cent of the investment portfolio may be invested in stocks, up to five per cent in real estate and five per cent in gold.
SOFAZ purchased Gallery Actor, mixed-use office and retail complex located on Pushkin Square of Moscow. The transaction is 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 December 1, SOFAZ's assets totalled $ 33 895 million.
SOFAZ was established in 1999 when its assets amounted to $271 million.