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Government investment funds in Abu Dhabi and Qatar, as well as in Azerbaijan, have invested a combined $380 million in three different properties in Milan.
Wall Street Journal reported that Abu Dhabi Investment Authority has agreed to buy a 1960s building in the north Italian city, which the newspaper said will be demolished and replaced by a new tower.
Late last month, Qatar Investment Authority completed a deal to acquire the historical building that housed BNL’s (a subsidiary of BNP Paribas) headquarters in Piazza San Fedele in Milan.
The State Oil Fund of the Republic of Azerbaijan is buying a building from the Italian chamber of commerce, bring the total investment – including costs of redeveloping the sites – to $380 million (€350 million).
The investment comes at a time when sovereign wealth funds are investing heavily in Italian property, as its economy emerges from a three-year recession. Data-firm Real Capital Analytics said investment in Italian real estate last year was around $9.7 billion, up from $7.2 billion in 2014. In Milan, 90 percent of investment into city came from foreign investors, according to Knight Frank.

For more information visit:

http://www.arabianbusiness.com/abu-dhabi-qatar-funds-invest-in-milan-properties-617374.html

Baku, Azerbaijan, Jan. 6

By Aygun Badalova – Trend:

Government investment funds in Azerbaijan, Abu Dhabi and Qatar in the past two weeks have agreed to invest a combined 350 million euros ($380 million) to buy and develop three separate properties in Milan, the Wall Street Journal reported citing a person familiar with the transactions.

The State Oil Fund of Azerbaijan (SOFAZ) is buying a building from the Italian chamber of commerce, while the Abu Dhabi Investment Authority is buying a 1960s building that will be demolished to make way for a new tower, according to the person.

On Dec. 22, the Qatar Investment Authority agreed to buy a property from BNP Paribas SA. The purchase prices weren’t disclosed.

The 350 million euros includes the cost of redeveloping the three sites. All three will be managed by Italian property company Coima SGR, the person said.

SOFAZ was established in 1999 with assets of $271 million.

Based on SOFAZ’s regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund’s assets abroad in order to minimize the negative affect on the economy, the prevention of “Dutch disease” to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

For more information visit:

http://en.trend.az/business/economy/2477115.html