San Antonio, TX – March 12, 2012 – (RealEstateRama) — USAA Real Estate Company and Square Mile Capital Management LLC, a New York City-based real estate investment firm, announced today that the two companies have joined forces, with USAA Real Estate Company making a strategic investment in Square Mile. The amount of the investment was not disclosed.
Led by founders Jeffrey B. Citrin and Craig H. Solomon, who will retain a majority interest and continue to oversee day-to-day operations, Square Mile has emerged in recent years as a prominent opportunistic real estate investor with a recognized specialty in distressed and high-yield debt, recapitalizations and undervalued equity situations. Since Messrs. Citrin and Solomon launched Square Mile in 2006, the firm has deployed nearly $2 billion of equity; committed to three discretionary funds on behalf of a prominent roster of institutional and private clients.
“USAA Real Estate Company continues to diversify its assets, and by investing in the Square Mile platform, we hope to broaden the investment opportunities we can offer our clients,” says USAA Real Estate Company Chairman and CEO Pat Duncan. “Mr. Citrin and Mr. Solomon offer extensive investment expertise in the North American real estate and financial markets, and we look forward to working with them to expand the platform they have built.”
“USAA Real Estate Company is a subsidiary of one of the nation’s strongest and most admired financial institutions,” said Square Mile Managing Principal Craig Solomon. “We have known and have been admirers of USAA Real Estate’s leadership for a number of years, so we were delighted when they approached us with an interest in forming a strategic relationship that will enhance the long-term growth objectives of our firm.”
Square Mile Managing Principal Jeff Citrin continued, “While we have made great strides as a firm in recent years, our platform’s alliance with USAA Real Estate Company will help us to open new doors and provide us with even more firepower in the marketplace, while enabling Square Mile to remain nimble and decisive in our decision-making. Both organizations have strong real estate platforms that now can complement each other, and we look forward to jointly taking full advantage of investment opportunities that will emerge in the coming years, on behalf of our investors.”
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is a private investment firm based in New York that focuses on real estate and real estate-related opportunities, including both debt and equity investments on behalf of select institutional and private investors. The firm takes a value-oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize assets or enterprises that are undervalued, overlooked, complex or mispriced. Since inception, Square Mile has formed three discretionary real estate funds and has invested nearly $2 billion of equity in more than 80 distinct investments.
About USAA Real Estate Company
USAA Real Estate Company manages a multi-billion dollar portfolio that includes recent acquisitions of $3 billion and development assets of $2 billion. The company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.