SOFAZ reveals revenues from real estate investments

Baku, Azerbaijan, June 12

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) has announced the volume of revenues received from investments in real estate abroad in 2016.

According to the SOFAZ Annual Report 2016, as of the year end, the Fund’s real estate portfolio consisted of six assets located in London, Paris, Moscow, Seoul, Tokyo and Milan.

During 2016, gross rents mentioned below were collected from the six respective investments:

• London, 78 St James Street, 9,650,084 British pounds;

• Paris, 8 Place Vendome, 5,860,555 euros;

• Moscow, 16 Tverskaya, 250,606,000 Russian rubles;

• Seoul, Pine Avenue Tower A, 30,992,844,997 Korean wons;

• Tokyo, Kirarito Ginza, 1,977,659,392 Japanese yen;

• Milan, Palazzo Turati, 3,072,527 euros.

All six assets were independently valued at the end of 2016, says the report.

The valuation results are as below:

SOFAZ was established in 1999 with assets of $271 million.

As of April 1, 2017, SOFAZ assets increased by 0.18 percent compared to early 2017 and amounted to $33.207 billion.

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