USAA Real Estate Co. and Square Mile Capital Management LLC have joined forces, with USAA 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 is an opportunistic real estate investor with a specialty in distressed and high-yield debt, recapitalizations and undervalued equity situations. Since launching 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,” USAA Real Estate Company Chairman and CEO Pat Duncan said in a statement. “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,” Square Mile Managing Principal Craig Solomon said in a statement. “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.”
“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,” Square Mile Managing Principal Jeff Citrin said in a statement.
