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SOFAZ to triple investments in real estate

18 March 2013 13:48 (UTC +04:00)

Baku. Ali Ahmadov – APA-Economics. SOFAZ is seeking to broaden its investments in real estate after buying properties in London, Paris and Moscow last year, with plans to pursue acquisitions in Southeast Asia and Turkey, SOFAZ official Israfil Mammadov told Bloomberg agency, APA-Economics reports.

According to Mammadov, SOFAZ, which spent about $600 million on real estate in 2012, wants to allocate about $1.6 billion to $1.7 billion, or 5 percent of its portfolio, for property investment.

“The current priority is countries of Southeast Asia. When it comes to our real estate investment strategy it is aimed at investing in core, prime office space in key capitals with high market transparency, depth, liquidity, landlord-friendly laws and the practice of very long leases,” added Mammadov.