Azerbaijan’s State Oil Fund (SOFAZ) has sold the Palazzo Turati grade A office building to the Invesco Real Estate Management Sarl company in Milan’s historical center with a total area of 10,360 square meters for 112 million euros that was bought in 2016 referring to SOFAZ.

The tenant of the Palazzo Turati office building is the Milan Chamber of Commerce, the Italian government agency.

Since 2016, the Fund’s income from this property has been approximately 26 million euros (income from rising prices and rentals), which means annual profitability of 7.2 percent.

“In general, we consider the sale of this property to be successful,” Shahmar Movsumov, executive director of SOFAZ said, commenting on the sale of the building. “Such a transaction, that is, direct sale of real estate is an innovation in the SOFAZ portfolio and is of great importance to it. Thus, as a result of this transaction, additional funds are formed in the real estate portfolio, and this creates conditions for greater diversification of the portfolio structure through real estate funds, including for focusing on the European, North American, Asian and Pacific regions.”