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State Oil Fund of Azerbaijan purchases real estate in Milan

SOFAZ reached an agreement on the purchase of the Italian Chamber of Commerce

Baku. 6 January. REPORT.AZ/ State Oil Fund of Azerbaijan Republic (SOFAZ), together with the United Arab Emirates and Qatar's sovereign wealth fund decided to invest in 3 separate properties with total value of 350 mln euros (380 mln US dollars) in Milan (Italy).

Report informs, "The Wall Street Journal" stated referring to one of person conducting operations.

Report informs, an agreement was reached between the parties with regard to investments.

SOFAZ will purchase a building in Italian Chamber of Commerce.

Abu Dhabi Investment Fund agreed to purchase a building built in 1960, the Qatar Investment Authority to buy the building of "BNP Paribas SA ''.

According to the information, the amount of the sale and purchase transactions not disclosed. The amount of investment will also be spent on the reconstruction of three real estates. Each of the three properties will be managed by Italian real estate company "Coima SGR".

Report was told in the SOFAZ, the Fund has no any information on this matter.

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