USAA Real Estate and Square Mile Capital today announced the next era of a 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 the deal, 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 Solomon.
“From inception our partnership has been forward thinking, successfully leveraging the immense talent of our teams.”
Solomon will continue leading the business as CEO of Square Mile Capital, while also playing a larger role leading various initiatives that span the overall platform.
In addition, Square Mile Capital will maintain its current executive leadership team and its Board of Directors.
Citrin will remain on the investment committees for Square Mile’s legacy fund vehicles and serve in a senior advisor capacity.
He commented, “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.
O’Donnell said the transaction represents the next chapter for the collaboration, noting, “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.”
USAA Real Estate has more than $26 billion of assets under management and 11 global offices. Its portfolio includes multifamily, industrial, office and hotel properties as well as e-commerce logistics and distribution centers, media production facilities and data centers.