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SOFAZ considering an investment in Singapore | 29 May 2013

State oil fund SOFAZ has revealed it is considering an investment in Singapore’s commercial real estate market.

A report from azernews.az confirmed that the body (which focuses primarily on managing the oil and gas revenues accrued in Azerbaijan) has solid plans to invest in commercial property throughout Asia – with Singapore a main target.

In fact, SOFAZ wishes to spend around $1 billion (£662m) on such property in one of the main Asian regions. It also has its eyes on Singapore’s residential real estate, reports confirmed, although it is not known how much it wishes to spend on it.

An investment strategy released by SOFAZ revealed that it would be willing to dedicate up to five per cent of its entire investment portfolio into property. A further five per cent will be invested into gold and another into stocks. Its total investment portfolio value is estimated to be around 25.2 billion manats (the Azerbaijan currency), which equates to approximately £21.3 billion.

A statement from SOFAZ read: “SOFAZ has its own strategy on the purchase of real estate and related requirements. If the commercial property meets the strategy and all requirements of the fund, then SOFAZ is ready to purchase it.”

According to oilfund.az, SOFAZ was established back in 1999 and is committed to remaining entirely transparent when it comes to its asset purchasing and management.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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Posted by Matt Roobol

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