Fleming Family & Partners, the multi-family office, has confirmed a final distribution to the shareholders of its FF&P Russia Real Estate Fund.

The payment means Russia Real Estate has now returned more than $213 million to shareholders, including international private equity companies and clients of FF&P Asset Management. UK investors achieved a 2.1x return on their initial investment which sets Russia Real Estate apart from most other Russian-based commercial real estate vehicles, in terms of returns, the firm said in a statement.

The move by FF&P also marks the successful completion of the Russia Real Estate Fund’s investment cycle, since it was launched by the firm in 2003 as the first institutional fund to focus on Russian commercial real estate investments.

“We are delighted with the outcome for our clients against the backdrop of an extremely difficult global market over the last few years and the challenges presented by operating in a complex real estate market. This is testament to the expertise, commitment and energy of the real estate team in Moscow, combined with the guidance of the company’s experienced board of directors throughout the investment cycle,” said Richard Hill, co-head of FF&P advisory.

Fleming Family & Partners currently manages assets of around £4 billion (around $6 billion).