(MENAFN- AzerNews) By Trend
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is pleased to announce the sale of Pine Avenue Tower A, a 25-storey office building located in Seoul's CBD submarket, for 521.5 billion ($354,690) South Korean Won (to Shinhan Card, the major tenant at the building.
Completed in 2011, the building maintained high occupancy levels and provided SOFAZ with a stable income stream. SOFAZ purchased the asset in March 2014 for 470 billion South Korean Won ($319,665). The total return from the sale was 36.2 percent (Income return 31.4 percent, capital return 4.8 percent).
Israfil Mammadov, the executive director of SOFAZ, said, 'Pine Avenue Tower A was a great opportunity for us to acquire a Class-A building at an attractive basis and to capitalize on the tremendous momentum in the property market. Its successful disposition has validated this strategy and delivered strong risk-adjusted returns."
Furthermore, he added that, this sale demonstrates the resilient fundamentals of the real estate market, despite the challenging circumstances due to COVID-19. This direct asset sale is in line with the SOFAZ revised portfolio strategy that focuses on indirect real estate investments.
---
Follow us on Twitter @AzerNewsAz
- #AZERBAIJAN'S STATE OIL FUND (SOFAZ)
MENAFN0311202001950000ID1101063840
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.