State oil fund of Azerbaijan buys building in Australia for $350 million

State Oil Fund of Azerbaijan (SOFAZ) has been negotiating purchase of Sydney-based office of Macquarie Group investment bank located in the historical building, writes www.virtualaz.org quoting The Australian.

The bank has put its office in Sydney for sale and has been negotiating with several buyers with SOFAZ among them.

Azerbaijan has offered $350 million for the building.

In early 2013 Macquarie Group announced its intention to sell its Sydney-based office. SOFAZ Executive Director Shakhmar Movsumov said in his interview to The Wall Street Journal that SOFAZ plans to invest capital into commercial property in Australia. Since that time the Fund with the assets worth $34.5 billion studies Australia’s immovable property market.

The Wall Street Journal   also reported that new owners of Macquarie Group office will face serious limitations with the building operation, because the building is included into the list of Australia’s historical heritage. Investment of capital into commercial immovable property is considered among the most profitable ones. This is not SOFAZ’s first purchase. The Fund has earlier bought the building in London for 177 million pounds and in Paris for 135 million Euro.—0--