Azeri Oil Fund to Invest in Real Estate in Europe, Trend Says

The State Oil Fund of Azerbaijan, known as Sofaz, plans to invest in real estate in Europe, private Azeri news agency Trend reported today, citing Israfil Mammadov, head of the company’s fund management department.

The fund seeks to diversify investment instruments including gold and stocks and sets its priority to invest in commercial real estate in developed European countries with transparent markets, the agency said.

Sofaz, which was established in 1999 to manage state income from oil and natural gas, saw its assets grow 31 percent last year to $29.8 billion.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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