BAKU, Azerbaijan, January 12. The Azerbaijan State Oil Fund (SOFAZ) held a real estate sub-portfolio valued at $4.681 billion as of September 30, 2025, the Chamber of Accounts’ review of the Fund’s 2026 budget stated, Trend reports.
The portfolio includes high-profile international properties, such as an office complex in London’s West End valued at 195.8 million pounds sterling, the Tverskaya, 16 OAO, which owns the Galereya Aktyor (Actors` Gallery) building in central Moscow worth 2.82 billion Russian rubles, a real estate complex at Place Vendôme in Paris valued at 192.4 million euros, and a shopping center in Tokyo worth 56,154 million Japanese yen.
In addition, SOFAZ’s real estate investments include fund-managed assets by major global investors such as PGIM, PAG, E-Shang Redwood, Gaw Capital, Blackstone, BlackRock, Walton Street, Ares, BentallGreenOak, Starwood, Angelo, Gordon & Co., FLE SICAV-FIS, Prologis, Charter Hall, Brookfield, Niam, the International Finance Corporation, EQT, and Global Infrastructure Partners (GIP). The portfolio also contains joint investments with PGIM, Gaw Capital, KIC, AroundTown, KKR & Co. Inc., Lunate, Carlyle Group, GIP, and Brookfield, as well as direct investments in Enfinity Global’s renewable energy projects and Azerbaijan Rigs LLC.
SOFAZ reported that the real estate sub-portfolio grew by $1.14 billion in the first nine months of 2025. This increase was driven by the reclassification of $571.1 million of infrastructure investments from the equities sub-portfolio into real estate, additional funds transferred from the Fund’s debt and money market sub-portfolios, and gains from currency fluctuations.
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