The State Oil Fund of Azerbaijan (SOFAZ) completed the deal on real estate acquisition in Milan, Italy, Shahmar Movsumov, SOFAZ executive director, told reporters in Baku July 12.

He said there were no problems with the acquisition of the real estate in Milan.

“The deal has been completed,” he said. “We have become the owners of the property.”

SOFAZ together with the sovereign funds of the UAE and Qatar reached an agreement to invest $380 million (350 million euros) in the purchase of real estate in Milan. Under the agreement, the sovereign funds are to acquire three different properties.

SOFAZ’s share in the deal is 97 million euros. SOFAZ acquired Palazzo Turati office building, located in Milan’s historic downtown.

Italy is the sixth country where SOFAZ acquires a real estate. Earlier, SOFAZ acquired properties in the UK, France, Russia, South Korea and Japan.

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

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

The main goals of the State Oil Fund are accumulation of resources and placement of the Fund’s assets abroad in order to minimize the negative effect on the economy, prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations, and supporting current social and economic processes in Azerbaijan.