15:27 - 1.07.2020

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July 1, Fineko/abc.az. The market value of the real estate portfolio (including bank accounts) of the State Oil Fund (SOFAZ) amounted to $2.708 bn at the end of 2019.

ABC.AZ reports with reference to news agency APA that the data is stated in Accounts Chamber’s conclusion on the annual report on the implementation of the SOFAZ budget for 2019. According to information, at the end of 2018 this figure reached $2.142 bn.

The review says that in 2019 net investments in the real estate sub-portfolio totaled $406.6 million. Real estate income for the reporting period amounted to $169.27 million and loss from exchange rate differences $9.54 million.

"Taking into account the low level of profitability in real estate compared with last year, as well as further improvement of the control mechanism for subsidiaries that manage real estate, and a number of potential risk parameters, the Fund has determined further optimization of investment management in real estate in the relevant directions," the report says.