USAA Forms Partnership with Admiral Capital

USAA Real Estate Company and Admiral Capital Group announced the formation of the Admiral Real Estate Fund, a partnership with NBA hall of famer David Robinson. The partnership, which will pursue commercial real estate opportunities, combines USAA’s extensive real estate platform (currently managing more than $5 billion in real estate assets), with the reputation and social initiatives of Robinson’s Admiral Capital Group.

The partnership builds on the existing Admiral Capital portfolio of real estate and hospitality investments, which includes stakes in Centerplate, a hospitality company serving entertainment and convention venues, and two select service hotels.

Admiral, founded by Robinson and Daniel Bassichis, formerly of Goldman Sachs & Co., has pledged a portion of its ownership interests to support philanthropic causes through the Admiral Foundation.

USAA’s commitment is through the company-sponsored US Eagle Fund, which, like the Admiral Fund, targets real estate assets including office properties, retail shopping centers, hotels, mixed-use, and multifamily properties that offer attractive returns to investors. The Fund will seek opportunities in major U.S. markets with a target transaction size of $25 million to $100 million. In addition, the Fund will invest in community revitalization and in assets that foster positive social impact.