Azeri oil fund's assets drop by 6.4 pct to $34.7 bln by Oct. 1

Sofaz holds the proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to fund social spending and infrastructure projects.

The fund said its revenue reached 5.5 billion manats ($5.2 billion) by Oct. 1, while expenditures were 6.4 billion manats.

Sofaz said in September it had made its first real estate investment in Japan, buying retail property Kirarito Ginza in Tokyo for 52.3 billion yen ($432.27 million) with Mitsubishi UFJ Trust and Banking Corporation.

Sofaz bought 3 billion yuan ($472.31 million) worth of Chinese bonds denominated in yuan in July, saying the purchase was designed to diversify its currency exposures.

A Sofaz official had said in June that the fund would continue to diversify its real estate portfolio, which includes commercial assets across European and Asia Pacific markets.