SOFAZ’s investment opportunities in France discussed

By Azernews

By Gunay Camal

Azerbaijan's sovereign wealth fund SOFAZ has considered investment opportunities  in France.

The issues was among the topics of a meeting between SOFAZ Executive Director Shahmar Movsumov and Florence Mangin, the Director of the Department of Continental Europe  at the French Ministry of Foreign Affairs and International Development in Baku.

Movsumov briefed the French delegation on the Fund’s activities, management of its assets, South Gas Corridor project, Azerbaijan’s activities on transparency in extractive industries and work to be implemented by the Commission on Transparency in Extractive Industries established by the Decree of the President of the Republic of Azerbaijan, ongoing economic reforms and measures for maintaining macroeconomic stability and fiscal sustainability, Strategic Roadmaps approved by the President, and answered questions.

Being a special purpose state organization, the primary objectives of SOFAZ are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations.

SOFAZ earlier announced that it will continue to invest in real estate within its investment strategy on real estate. The share of SOFAZ investments that can be made in real estate is 10 percent of the total investment portfolio.

The practice of investing in real estate abroad has already allowed the Fund to acquire Gallery Actor, a mixed-use office and retail complex located on Pushkin Square in Moscow for $133 million, an office complex in London's West End for £177.35 million, a property in Paris for €135 million, Pine Avenue Tower worth $447 million in Seoul and Palazzo Turati office building in Italy, Milan.

Earlier during her Baku visit, Mangin met with Foreign Minister Elmar Mammadyarov. At the meeting shre stressed that two French banks are interested to participate in financing of TAP and major railway projects initiated by Azerbaijan.