Baku, Azerbaijan, March 8
By Anvar Mammadov – Trend:
Germany has been included in the list of countries, where the State Oil Fund of Azerbaijan (SOFAZ) acquired real estate.
SOFAZ told Trend that the deal on real estate acquisition in Frankfurt was completed on Nov. 17, 2016.
The Junghof Plaza obtained by SOFAZ is a building with a total area of 36.022 square meters and is located in the financial center of Frankfurt, said SOFAZ.
Total cost of the building is 185 million euros, and the expected capital expenditures for the restoration and rebranding of the building will reach 82 million euros, according to SOFAZ.
SOFAZ also said that these funds were invested in partnership with the US company PGIM and the Azerbaijani fund’s share is 35 percent.
As of January 1, 2017, the total volume of SOFAZ investments was $33.03 billion or 99.6 percent of the total volume of assets, according to SOFAZ.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.