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11:06 State Oil Fund purchases real estate in Moscow | |
State Oil Fund of the Republic of Azerbaijan (SOFAZ), has recently
announced its third real estate investment, with the purchase of Gallery
Actor, a mixed-use office and retail complex located in Moscow’s
central business district at 16 Tverskaya Street for USD133 million. The
seller was Metropolitan Insurance Group, part of VTB Group. Gallery Actor is located in historical center of Moscow. Tverskaya Street is a prime location for exclusive hotel and office schemes as well as main Moscow street-retail destination where flagship stores of many international retailers are located. The asset is located at the intersection of Tverskaya Street and Strastnoy Boulevard, in close proximity to the Red Square and the Kremlin. Actor Gallery was built in 1881 and was completely reconstructed in 1995 behind the historical façade. The total area of the asset is 18,075 sqm, leased to a number of Russian and international occupiers. Tenants of the building include well known finance, insurance, consulting and retail companies. Unique location of the asset and strong fundamentals of Moscow office and retail market provide for secure income stream as well as substantial upside through active asset management strategy. Gallery Actor well matches real estate portfolio comprising assets in prime destinations of largest European capitals, SOFAZ started to build in 2012. Commenting on the acquisition of the building, Mr. Shahmar Movsumov, the Executive Director of SOFAZ commented: "The acquisition of this building is another successful step towards the realization of our real estate investment strategy. This deal opens new phase in Azerbaijan-Russia economic relations, which have always enjoyed long-standing strategic partnership and relied on common historical, cultural roots. The very fact that one of the first real estate investments of the Fund is accomplished in Moscow is a true indication of SOFAZ’s intentions of long-term commitment to Russia.” Source: europaproperty.com
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