SOFAZ continues search for real estate investment options

SOFAZ continues search for real estate investment options

Baku, Azerbaijan, Aug. 21

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) will continue investing in real estate and is looking into the most interesting options, SOFAZ told Trend, Aug. 21.

One of the main directions of the real estate strategy is the creation of a fully diversified portfolio, where the developed markets, as well as various types of real estate will be widely represented, which means the continuation of investments in this area, according to the Fund.

"By the end of the first half of 2017, investments in real estate amounted to 4.7 percent of the portfolio. Meanwhile, according to SOFAZ’s investment policy for 2017, up to 10 percent of the portfolio can be invested in real estate. We continue to consider investing in major cities of the United States, Western Europe and the Asia-Pacific region by identifying offers that meet all the criteria of our investment policy and can improve the risk-return ratio of our portfolio," SOFAZ told Trend.

"Starting from 2015, the Fund gradually redirects its focus to investments in foreign real estate funds, finding this type of investment the most attractive, as they can be diversified by strategies, sectors and countries, simultaneously increasing the profitability. It is planned to continue the policy of investing in real estate funds in the abovementioned regions," added SOFAZ.

Furthermore, the Fund works closely with leading real estate management companies that have extensive opportunities to explore the market and search for the potentially lucrative offers, and also makes joint investments with them as well as with other major sovereign and pension funds.

SOFAZ was established in 1999 with initial assets of $271 million. As of 1H2017, assets of SOFAZ have increased by 4.96 percent, as compared to early 2017 ($33.147 billion), and totaled $34.79 billion.

Based on SOFAZ’s regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as in the resolution of the major national problems.

The main goals of the State Oil Fund include: accumulation of resources and placement of the Fund’s assets abroad for minimization of the negative effects on the economy; prevention of "Dutch disease" to some extent; promotion of resource accumulation for the future generations and the support of current social and economic processes in Azerbaijan.

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Follow the author on Twitter: @MaksimTsurkov

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