Russian International Reserves Fall $15.7 Billion in Week to Dec. 19

Azeri State Oil Fund Buys Moscow Real Estate for $133 Million

The State Oil Fund of Azerbaijan, known as Sofaz, bought a shopping and business center in the Russian capital, Moscow, for $133 million as it continues to diversify its reserves.

Sofaz bought 100 percent of Tverskaya, 16 OAO, which owns the Galereya Aktyor (Actors’ Gallery) building in central Moscow, the Baku-based fund said today in an e-mailed statement.

The 18,000 square-meter center was built in 1882.

Sofaz announced on Dec. 17 the purchase of an office complex in London’s West End for 177 million pounds ($288 million) in its first real estate investment. On Dec. 20, the fund said it bought a retail property in Paris for 135 euros ($179 million).

The fund, established in 1999 to manage the Caspian Sea nation’s state income from oil and natural gas sales, had $33.9 billion of assets as of Dec. 1.

To contact the reporter on this story: Zulfugar Agayev in Baku at

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

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