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SOFAZ Buys Paris Property in Place Vendôme

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The State Oil Fund of Azerbaijan (SOFAZ) has made its second European real estate purchase. The property located in Paris, 8 Place Vendôme, was purchased for €135 million from AXA Real Estate Investment Managers. The prime office and retail property attracts strong rental income. The building was constructed in 1712 and was built to honor French King Louis XIV.

From the press release, commenting on the sale, Israfil Mammadov, CIO of SOFAZ said: “With these recent real estate transactions SOFAZ has established its presence in two main commercial centers of Europe – London and Paris. 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.”

Ascendas-Singbridge Acquires Three Hotels in Osaka

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Singapore’s Ascendas-Singbridge has acquired three hotels in Osaka for 10.29 billion JPY to tap tourism growth in Japan’s third-largest city.

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BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

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