SOFAZ Buys Paris Property in Place Vendôme
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.”
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