Azerbaijan, Baku, 29 May / Trend, E. Ismailov /
The State Oil Fund of Azerbaijan (SOFAZ) is studying the possibility of acquiring commercial property in Asia and Australia, SOFAZ Executive Director Shahmar Movsumov told reporters.
"In particular, in order to find high-quality commercial real estate, SOFAZ representatives visited Seoul and Shanghai as well as the major Australian cities Melbourne and Sydney," Movsumov said.
While choosing commercial real estate, he said, SOFAZ sets strict requirements primarily on property location, its intended use and lease duration.
"Accordingly, the options that meet our demands are very limited, and therefore, the State Oil Fund continues to be on the list of potential estate purchasers," Movsumov said.
According to the investment strategy of SOFAZ, 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 million, or 0.6 percent more compared with the beginning of the year.