ECONOMY
SOFAZ buys property in Paris
Baku, December 20 (AZERTAC). The State Oil Fund of Azerbaijan (SOFAZ) agreed to acquire €135 million property comprising of office, retail and residential space at 8 Place Vendôme in Paris.
According to the SOFAZ, the seller of the property was AXA Real Estate Investment Managers (AXA Real Estate), while the legal advisor of SOFAZ was Allen&Overry and broker was “Cushman Wakefield” Company.
The investment was carried out as a part of a strategy to build a diversified real estate portfolio comprised of high quality, prime assets in major cities of the world. As one of the largest office markets in Europe, Paris warranted its place as one of the initial destinations for SOFAZ's investments.
Place Vendôme is the most prestigious square in Paris and is widely considered as the most prime location in the city. Combining high-class offices and luxury retail brands, this micro market is highly sought after by national and international occupiers and attracts prime rental levels. The elegant and distinctive architecture of the square is considered a masterpiece of French Classicism.
8 Place Vendôme offers office, retail and residential space within an iconic 18th century mansion as well as an office building from the 1950’s. Constructed in 1712, the classic French Baroque mansion forms a part of the iconic Place Vendôme, which was built in honour of the Sun King Louis XIV. The total area of this prime asset is 5,400 square meters and is let to various renowned financial services and legal firms as well as several high profile tenants with luxury jewellers occupying the majority of its retail space.
Commenting on the sale Israfil Mammadov, head of Sofaz's fund management department, noted that with the recent real estate transactions SOFAZ has established its presence in two main commercial centres 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,” he added.