LONDON Dec 20 Azerbaijan's state oil fund has
bought an office and shop complex in the heart of Paris for 135
million euros ($179 million), three days after clinching its
debut property deal in Europe.
The country's $33 billion fund bought the 5,400 square metre
property in the Place Vendôme district, a short walk north of
Paris's Tuileries Gardens, from the property unit of French
insurer AXA Group, the company said on Thursday.
The property contains office, shops and homes within an 18th
century French Baroque mansion and an office block from the
1950s, AXA Real Estate said. Tenants include luxury jewellers,
legal firms and financial services companies.
Azerbaijan, an oil-producing nation sandwiched between
Russia and Iran on the western coast of the Caspian Sea, bought
a central London block for 177 million pounds ($288 million)
from RREEF Real Estate, the property arm of Deutsche Bank
In recent years several sovereign wealth funds have spent
billion of pounds on shops and offices in Europe's financially
strongest cities London and Paris.