The State Oil Fund of Azerbaijan bought at $133 million from the "Capital Insurance Group" 100% of the company "Tverskaya, 16", which owns retail and office center "Gallery Actor" in Pushkin Square in Moscow, reads the information of the company “Cushman & Wakefield” who accompanied the transaction with the seller.
For SOFAR the "Gallery Actor" is the first asset in Moscow, one of the luxury houses of the capital.
The total area of the building at the intersection of Tverskaya Street and Strasniy Avenue exceeds 18,000 square feet (shopping area - 5800 "squares", offices - 12.200 square meters.)
The building was built in 1882; in the Soviet years there was a Russian Theatrical Society and the House of the actor of the same restaurant. In 1990 the building was severely damaged by fire, but in 1995 it was restored, and an office area was attached in the courtyard.
Earlier SOFAR bought the same level property in London and Paris. According to the representative of SOFAR, property acquisition in the centers of global business will continue.
SOFAR assets today exceeds $33 billion. -02D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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