USAA Real Estate Acquires Remaining Interest in Multifaceted Industry Leader
SAN ANTONIO, April 22, 2021 — USAA Real Estate and Square Mile Capital today announced the next era of a comprehensive strategic alliance launched in 2012. Effective April 1, USAA Real Estate completed the long-planned acquisition of the remaining interest in the company initially owned by co-founders Craig Solomon and Jeff Citrin. Simultaneous with this strategic ownership consolidation, Mr. Solomon assumed an ownership interest in the combined USAA Real Estate/Square Mile platform and was appointed to USAA Real Estate’s Board of Directors.
“I am truly excited to extend our dynamic partnership with USAA Real Estate into a second mutually productive decade, utilizing the full scope of our industry expertise and marketplace relationships to capitalize on emerging opportunities for our investor clients,” said Mr. Solomon. “From inception our partnership has been forward thinking, successfully leveraging the immense talent of our teams. This strategic ownership consolidation furthers our teams’ alignment, enhances their professional growth opportunities and reinforces our common objective to thoughtfully expand the existing platform offerings to include complementary strategies.”
Mr. Solomon will continue leading the business as CEO of Square Mile Capital, while also playing a larger role leading various strategic initiatives that span the overall platform. In addition, Square Mile Capital will maintain its current executive leadership team and its Board of Directors. Mr. Citrin will remain on the investment committees for Square Mile’s legacy fund vehicles and serve in a senior advisor capacity.
Mr. Citrin added, “The innovative strategic partnership that Craig, Len and I fashioned in 2012 has been a gratifying success for Square Mile’s and USAA Real Estate’s investor clients, members of our respective professional teams, and both firms’ stakeholders, as well as innumerable counterparties throughout the global real estate industry. With the Square Mile/USAA Real Estate strategic partnership entering its tenth year and with the ownership transition we envisioned a decade ago now complete, I have enormous confidence that Craig and Len will continue leading the combined platform with creativity, passion, integrity, and energy.”
Square Mile Capital has completed more than 300 distinct real estate transactions and deploys investment strategies across the capital stack and risk spectrum, with assets under management exceeding $8.0 billion. Financial details of the transaction were not disclosed.
“Ten years ago, we realized that Square Mile was an innovative investment manager inspired by the vision, integrity and expertise of its co-founders Jeff Citrin and Craig Solomon, and we recognized that through our strategic partnership the company could reach its full potential,” said Mr. O’Donnell. “Now, this long-anticipated transaction represents the next chapter for this great collaboration between our organizations and the tremendous confidence we have in Square Mile’s investment principles and strategies. As evidenced by the success of the Square Mile media platform and other areas of innovation, we share a focus on the intersection of real estate with the technologies that drive the digital economy and together we can facilitate even greater success for our investors.”
About USAA Real Estate
With more than $26 billion of assets under management and 11 global offices, USAA Real Estate is an industry leader in acquiring, developing, financing and managing the highest quality real estate assets in North America and Europe. The mission of USAA Real Estate is to serve the financial interests of its investment clients by strengthening the profitability and diversity of the USAA investment portfolio, which includes multifamily, industrial, office and hotel properties as well as e-commerce logistics and distribution centers, media production facilities and data centers. Aligned with a series of strategic partnerships cultivated over decades of co-investment, USAA Real Estate engages with preeminent sector leaders demonstrating proven domain expertise in a shared drive to achieve superior, risk-adjusted returns.
About Square Mile Capital
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for our investors, partners, borrowers and counterparties. Square Mile Capital seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing our broad investment platform, product expertise and research resources.