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

To contact the editor responsible for this story: Hellmuth Tromm at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.