SOFAZ acquires property in center of Moscow

SOFAZ acquires property in center of Moscow

Azerbaijan, Baku, Dec. 26 / Trend E.Ismayilov /

The State Oil Fund of Azerbaijan (SOFAZ) acquired 100 % of "Tverskaya,16" company, the owner of Gallery Actor shopping and office center on Pushkin Square, SOFAZ informed Trend.

The transaction value is $133 million.

Gallery Actor shopping and office center is located on Pushkin Square in the center of Moscow. The building was built in 1882.

In Soviet times it housed Russian Theatrical Society and Actor's House along with eponymous restaurant. In 1995, the building is heavily rebuilt during the restoration. Now the total area of shopping and business center is 18,000 square meters.

According to the investment policy of SOFAZ overall value of the investment portfolio can be invested into the gold, equities and real estate with maximum limit of up to 5 % per each financial tool starting this year for the first time. Earlier SOFAZ announced acquisition of property in London and Paris.

Projected total cost (the average amount) of the investment portfolio of SOFAZ was set at 23 billion manat as of 2012, while by the end of 2011 it was predicted at 19.4 billion manat.

It is predicted that by late 2012, SOFAZ assets reach the level of $34 billion.

As mentioned by the Fund, as of December 1, 2012, assets of SOFAZ totaled $ 33 895 million.

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

The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing a "Dutch syndrome" to ensure savings for future generations and to maintain the current socio-economic standard in the country.

The official exchange rate for December 26 is 0,7848 AZN / USD.

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