Azerbaijan's State Oil Fund (SOFAZ) said on Friday it agreed to buy Palazzo Turati, an office building in Milan's historical Central Business District (CBD), for €97 million. It is SOFAZ's first property purchase in Italy.
Palazzo Turati, built in 1880, is located in Via Meravigli 7, historical centre of Milan, just a step away from Piazza Cordusio and Piazza Affari, and 500 m from Duomo. The six-storey building has a net leasable area of 10,360 square meters.
The property has been leased fully to Milan Chamber of Commerce, a primary Italian public institution, which uses it as its HQ, till 2021. The seller of Palazzo Turati is Tecnoholding S.p.a.
The State Oil Fund of Azerbaijan was set up in December 1999 to manage Azerbaijan's income from oil and gas sales. As of Dec. 1, it had assets of $33.6 billion.
www.ann.az
Follow us !
