Transactions - SEPTEMBER 24, 2015

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Azerbaijan SWF makes first real estate investment in Japan

by Andrea Waitrovich

The State Oil Fund of Azerbaijan, a sovereign wealth fund, has acquired a retail property in Tokyo in partnership with Japanese financial services firm Mitsubishi UFJ Trust and Banking Corp. for $435 million. It is the sovereign wealth fund’s first investment in Japan.

The property, Kirarito Ginza, is located on Chou Avenue in the Ginza district. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area. The gross floor area of the property is approximately 168,444 square feet, and it is leased to 47 tenants.

In 2014, SOFAZ also made its first direct investment in South Korea, acquiring the 25-story Pine Avenue Tower office asset.

As of July 1, the assets of SOFAZ totaled $35 billion, and the sovereign wealth fund has a 5 percent target allocation to real estate.

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