Realty News Report

SAN ANTONIO — USAA Real Estate Company and Square Mile Capital Management LLC, a New York City-based real estate investment firm, announced  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.”