The State Oil Fund of the Republic of Azerbaijan (Sofaz) has carried out its first real estate acquisition in France.
The State Oil Fund of the Republic of Azerbaijan (Sofaz) has carried out its first real estate acquisition in France.
An indirectly owned subsidiary of Sofaz is buying a property located at 8 Place Vendôme in Paris from AXA Real Estate for €135 mln.
The mixed-use property comprises 5,400 m2 of office and retail space. The office component is let to Valentino, with Dior and Mikimoto occupying the retail space.
AXA Real Estate was advised by notary Cheuvreux.
Sofaz was advised by notary Lasaygues & Associés, law firm Allen & Overy and Cushman & Wakefield’s Capital Markets Group.
In Mid-December 2012, Sofaz carried out its first acquisition in London as part of a £1 bn push in the European real estate sector.
According to a news report in UK journal Property Week, the fund bought 78 St James’s in the West End from an open-ended fund managed by RREEF for £177 mln (€218 mln).
