SOFAZ considers opportunities in Australian commercial property market

The State Oil Fund of Azerbaijan (SOFAZ) is considering opportunities to invest in real estate in Australia, SOFAZ told Trend on February 13.

"In order to build up high quality real estate portfolio, SOFAZ will continue to invest across major countries and will imminently consider opportunities in the Australian commercial property market," SOFAZ said.

SOFAZ stressed that it plans to travel to Australia in order to meet with leading market participants, including regulators, developers, asset owners and overseas investors, in order to gain deeper understanding of the market. The trip is planned to take place during the course of 2013.

According to SOFAZ, the Fund seeks stability in its real estate investments and so targets investments in core assets with secure long-term income streams in developed markets. SOFAZ believes that the Australian real estate market has these characteristics and has attracted a huge wave of international capital in recent years.

"Australia, to our mind, offers the best of the two worlds; the growth dynamics of the Asian countries coupled with strong ownership rights, long tenancy agreements and the market transparency of the Western world," SOFAZ said.

Adapted from Vestnik Kavkaza