Baku, Azerbaijan

This 2.2 hectare site is 14km from the center of Baku, the capital of this oil-rich republic with a population of 9 million.

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Plan

The site enjoys direct frontage to the Salyan Highway in the rapidly-developing area of Shikhov, is within a short drive of the ‘Ramada Beach Club’ and a collection of residential developments and logistics facilities. It is less than 100 metres to the Caspian Sea. The Fund was attracted to Azerbaijan by its strong growth, reaching almost 10% in 2009, and the projected flow of inward investment into the oil sector which should fuel further economic development over the next decade.

The Fund originally developed plans for a "Moroccan style" residential complex with Sweco, a leading Swedish architectural firm, comprising a mix of apartments and penthouses with on-site facilities including a residents’ gym, cafe, children’s play area and mini-market.

With most resources currently committed to crucial Russian investments, we are also considering more flexible exit options that may involve an alternative use for the site of possibly a logistics, light industrial or commercial nature. We are open to ideas or proposals in this regard.