Azeri state oil fund in talks to buy real estate in Seoul

Azerbaijan’s State Oil Fund (SOFAZ) has shown interest in the Pine Avenue building in the South Korean capital, Seoul, Money Today reported.

SOFAZ is in talks with Mirae Asset Global Investments to buy the building, according to the report.

The fund started investing in real estate in December 2012 to diversify assets. It has bought prime office buildings in London, Paris and Moscow since then.

SOFAZ was founded in 1999 to manage the country’s income from oil and gas sales. Its assets grew 5.1 percent last year to $35.9 billion.

ANN.Az