Management: Russia Partners Management (assumed management responsibility in 2000)
Commonwealth Property Investors, LLC ("CPI") was formed on March 8, 1995 for the purpose of acquiring, developing, owning, managing, selling or otherwise disposing of ownership interests in entities which engage in real estate related activities in Russia and other countries of the Former Soviet Union.
The fund invested in prime retail space, office buildings, as well as residential complexes in partnership with local developers and/or property managers. One of CPI's objectives was to bridge the gap in the demand for Western standard office space as well as retail shopping centers and residential homes for the growing number of expatriates working for foreign multinationals.
Among CPI's investments was a class A business center in Kiev -- where the U.S. Embassy is a current tenant, prime retail space in Novy Arbat -- a main shopping thoroughfare in Moscow, a class A office building in St. Petersburg, and a residential complex of single family homes and townhouses in suburban Moscow.
Since Russia Partners assumed management of the portfolio, CPI has successfully developed and sold all of its properties at values well in excess of the independently appraised values established by the consulting group of a “big four” accounting firm.