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Azerbaijan Buys Place Vendôme Building

The country’s state oil fund bought the building, which houses Dior and Mikimoto stores, for close to $180 million.

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RICH PICKINGS: Azerbaijan just gained a foothold on Paris’ Place Vendôme. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has bought the building housing the Dior and Mikimoto fine jewelry boutiques, in addition to Valentino’s headquarters, for 135 million euros, or $178.4 million, according to real estate adviser Cushman & Wakefield. The building was sold by real estate manager Axa Real Estate on behalf of one of its clients, it added, without providing further details. Cushman & Wakefield’s Capital Markets Group advised SOFAZ on the acquisition, its first in France. Established by the father of Azerbaijani president Ilham Aliyev, SOFAZ is charged with collecting and managing Azerbaijan’s revenues from the implementation of oil and gas agreements. Officials at Dior and Valentino were not immediately available for comment.