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Azeri State Oil Fund Buys Paris Real Estate for $179 Million

Azerbaijan’s State Oil Fund, known as Sofaz, bought an office and retail property in Paris for 135 euros ($179 million), its second real estate investment in a week as it seeks to diversify reserves.

The property, 8 Place Vendome, was purchased from AXA Real Estate and has a total area of 5,400 square meters (58,125 square feet), Sofaz said today in an e-mailed statement.

“With these recent real estate transactions, Sofaz has established its presence in two main commercial centers of Europe –- London and Paris,” Israfil Mammadov, the fund’s chief investment officer, said in the statement. “Next year we will continue building our globally diversified real estate portfolio reflecting our investment strategy that foresees investments in core prime office space with strong fundamentals.”

Sofaz announced the purchase of an office complex in London’s West End for 177 million pounds ($288 million) on Dec 17. 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.

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