Four SOFAZ properties in London, Paris, Tokyo and Moscow generated AZN 58.4 million in rental income in 2025. That was an 11.1% increase from the previous year, according to the annual financial statements.
The properties are 78 St James’s Street in London, 8 Place Vendôme in Paris, One Ginza in Tokyo and Gallery Actor at 16 Tverskaya Street in Moscow. These figures cover the four directly held properties disclosed in this table, not every SOFAZ real-estate investment.
Rental income by city
| City, AZN million | 2024 | 2025 |
|---|---|---|
| London | 19.161 | 16.775 |
| Paris | 12.311 | 13.296 |
| Tokyo | 14.188 | 17.483 |
| Moscow | 6.919 | 10.847 |
| Total | 52.579 | 58.401 |
Tokyo generated the most rent in 2025, at AZN 17.5 million, followed by London at AZN 16.8 million. Rental income rose in three cities but declined in London.
Why the combined result fell
Rental income plus fair-value changes totalled AZN 73.2 million, down 13.9% from AZN 85.0 million in 2024. The positive valuation result fell from AZN 32.4 million to AZN 14.8 million, more than offsetting rental growth.
Rent and changes in a building’s valuation are distinct components. Their sum in this table is not the entire real-estate business’s net profit after all expenses. Separating them shows what tenants contributed and what came from asset valuations.
Source: SOFAZ Annual Report 2025, printed pages 114–115. FinFly calculations use the unrounded figures. The figures concern 2025, not the current 2026 portfolio.
