ECONOMY


SOFAZ sells Palazzo Turati in Milan

Baku, October 18, AZERTAC

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) announces the sale of Palazzo Turati in Milan, Italy for 112 mln Euros to the Invesco Real Estate Management Sarl. The asset is a stabilized, core, 10 360 sqm freehold, Grade-A office building in the center of Milan. The historical building was acquired in 2016. The property is currently leased in its entirety to Milan Chamber of Commerce, a primary Italian public institution. The total gain from this real estate asset is approximately 26 mln Euros including capital gain and rental income since 2016. This brings the total earnings to 7.2% per annum for the holding period.

Chief Executive Officer of SOFAZ Shahmar Movsumov said: “We are pleased with the sale of this asset. This disposal, being the first in the direct of its kind, is a significant transaction for our real estate portfolio, which allows us to further focus on diversification of our real estate portfolio in core locations across Europe, North America and Asia Pacific”.

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