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Azerbaijan SWF, after London buy, targets £1bn at European RE
19 December 2012, 09:36 PM
The State Oil Fund of Azerbaijan, a sovereign wealth fund, has bought an office complex at 78 St James Street in London’s West End for Stg177m, the first of Stg1bn spending targeted at luxury and trophy properties across Europe. Annual rental income is Stg9.65m, putting net initial yield at 4.5% p.a., it said.
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