State Oil Fund of Azerbaijan (SOFAZ) Purchases Real Estate in Seoul
The State Oil Fund of Azerbaijan (SOFAZ) has purchased prime office complex, “Pine Avenue Tower A” in Seoul, South Korea for USD 447 million, Azerbaijan Embassy in Seoul announced on April 4, 2014.In a news release received by The Seoul Times on the day the embassy said that the purchase of the property has been realized through a competitive auction process organized by Mirae Asset Management on behalf of the four owners (NongHyup Bank, NongHyup Life insurance, Woori Bank and KDB Life Insurance).This is the first acquisition by SOFAZ in the Asia Pacific region. According to SOFAZ website information “Seoul is one of the most attractive investment destinations in Asia providing steady gains across the office sector for many years. It is underpinned by a strong domestic economy and a well-capitalized financial sector. SOFAZ sought investment opportunities in key gateway Asian capitals for over a year and have finally made its first acquisition in Seoul. This is a large transaction and shows SOFAZ belief in the continued strength of major Asian real estate markets which have shown stable returns historically”.“Pine Avenue Tower A” is located in central business district (CBD) of Seoul, a sought after area by leading Korean as well as international tenants. The property was built in 2011 and is one of the very few trophy assets recently completed in the Seoul CBD area. The property’s Class A specifications position it well to cater to the needs of discerning tenants, generating long term value. The gross floor area (GFA) of the property is approximately 65,000 m2. The asset is solely leased to S&K Group, one of the largest conglomerates of South Korea. Net rental income of the asset is USD 23.4 million per year.The State Oil Fund of Azerbaijan, the sovereign wealth fund, was set up in December 1999 by the Presidential Decree as an extra-budgetary entity which accumulates and manages oil and gas revenues of the country. The Fund’s primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations. By the investment policy overall value of the investment portfolio can be invested into the gold, equities and real estate with maximum limit of up to 5 % per each financial tool.
|"Pine Avenue Tower A" is located in central Seoul|
102nd Anniversary of the Azerbaijan Democratic ...
The Khojaly Genocide -- 28 Years
Azerbaijan's Population Reaches 10 Million
No More Genocide!
29th Anniversary of "Black January" Recalled
Photo Exhibit, Conference for Azerbaijan's 100 ...
Amb. Ramzi Teymurov to Host Azerbaijan ...
ASAS Donates 30,000,000 Won to Seung Ga Won ...
26th Anniversary of Khojaly Genocide Marked
Azeri Envoy to Host Concert in Seoul to ...
"Black January," a Struggle for Azebaijan's ...
S. Korean Minister Hong Yun-Sik Visits Baku
Few Seats Left for Wharton High School Global ...
24th Anniversary of Khojaly Genocide Recalled
"Black January" Remembered in Seoul
2015 WTF World Cup Team Championships Starts ...
Iran Takes Overall Male, Female Titles at 1st ...
Baku, Azerbaijan Ready for 1st WTF World Cadet ...
22th Anniversary of the Khojaly Genocide
Azerbaijan Celebrates 95th Anniversary of Its ...
Azeri Envoy to US Protests to US Congress
Azerbaijan National Day Observed in Seoul
"Space of Mugam" Opens in Baku March 14-21
Azerbaijan Foreign Minister Elmar Mammadyarov ...
Azerbaijan's "Republic Day" Marked in Seoul