Bloomberg: SOFAZ sells office center in Milan

7 July 2019 15:26 (UTC+04:00)

By Trend

The State Oil Fund of Azerbaijan (SOFAZ) is close to completing the deal on the sale of the Palazzo Turati business center in Milan to the Invesco company, Trendreports referring to Bloomberg.

According to the publication, SOFAZ plans to sell its property in the financial center of Italy for nearly 112 million euros.

The State Oil Fund plans to play on the latest trends in the real estate market in Milan, where rental prices in office buildings have increased significantly due to a decrease in real estate development in recent years. This makes them attractive for real estate investors.

The Foundation acquired the Palazzo Turati office building in Milan for 97 million euros in January 2016. The building is located at Via Meragvili 7, some 500 meters from the Duomo di Milano cathedral church.

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