NEW YORK CITY-USAA Real Estate Company and Square Mile Capital Management should be making some magic going forward, as the two companies have come together, a statement says. USAA made what the commercial real estate company described as a “significant” investment in Square Mile. At press time, the amount of this stake was not released.
Square Mile focuses its operations on distressed and high-yield debt, recapitalizations and undervalued equity situations. Its founders Jeffery Citrin and Craig Solomon will keep their majority interest in the company and continue to oversee daily operations, the company reveals. Square Mile came into being back in 2006 and since its inception has deployed nearly $2 billion of equity.
"We made the decision to go in this direction because we were solicited by USAA and because it has different business lines than ours," Craig Solomon, managing principal of Square Mile explains. "[They] had a desire to expand into areas of the business we are in."
"The combination with USAA allows us to access capital which will prove our ability to take advantage of current market opportunities and position us well in the future." He adds, "We have a high regard for USAA’s capacities in their real estate areas of specialty and this new partnership will facilitate even greater flow and sourcing opportunities for Square Mile."
While Solomon couldn’t specify future plans at press time, he did mention that Square Mile will "continue investing in the manner we have been investing."
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