SAN ANTONIO, TX - USAA Real Estate Company and Admiral Capital Group are pleased to announce the formation of the Admiral Capital Real Estate Fund (the "Fund"), a partnership with NBA Hall of Famer, philanthropist and 1987 U.S Naval Academy graduate David Robinson. The partnership, which will pursue commercial real estate opportunities nationally, combines USAA's extensive real estate platform, currently managing over $5 billion in real estate assets, with the reputation and social initiatives of David Robinson's Admiral Capital Group. This partnership builds upon the existing Admiral Capital portfolio of real estate and hospitality investments which includes stakes in Centerplate, one of the world's largest hospitality companies serving entertainment and convention venues, and two select service hotels. Admiral Capital, 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, including funding scholarships for students at San Antonio, Texas based The Carver Academy, a school founded by David Robinson.
Source: USAA Real Estate Company
USAA Real Estate Company has committed up to $50 million to the partnership, alongside other third party investors, and will provide extensive resources to support the Fund's investment strategy, including identifying asset acquisitions, due diligence and asset management of the Fund's investments. Robinson's national reputation for commitment to education and improving lower income communities provides Admiral Capital with a broad network of relationships which enable the Fund to take advantage of unique situations and potential off market opportunities. The Fund will capitalize on these opportunities in partnership with USAA's experienced real estate team. 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, multi-family properties, hotels and mixed-used properties that offer attractive returns to investors. Given the support of USAA's national real estate team, the Fund will seek opportunities in major markets domestically with a target transaction size of $25 million to $100 million. In addition to pursuing traditional opportunities, the Fund will also embrace Robinson's mission to invest in community revitalization and in assets that foster positive social impact.
"This venture makes sound sense from both a business and social responsibility standpoint," says Pat Duncan, chairman and CEO of USAA Real Estate Company. "David's philanthropic commitment to improve communities and create job opportunity, combined with USAA's long-time experience in commercial real estate, will create an unparalleled match within the real estate investment arena."
David Robinson's NBA career includes two NBA championships, an NBA MVP trophy, 2 Olympic Basketball Gold Medals and the NBA Hall of Fame, but Robinson is known as a role model for philanthropy for all professional athletes and is the namesake of the NBA's community service award. A former board member of the USAA Savings Bank, Robinson has contributed over $10 million personally to the San Antonio community, primarily to support The Carver Academy. "We at USAA have enjoyed the privilege of working with David in the past as well as following his commendable career and involvement in our community and beyond," Duncan adds. "It is our hope that this venture represents one of many to come."
"In my basketball career, I surrounded myself with the best team possible so we could win championships and give back to our community, and this partnership is no different," says Robinson. "I could not be more proud of my long affiliation with USAA. It began with General McDermott as a mentor my rookie year in 1989 and continues today with General Robles as I expand a business that will help support my commitment to San Antonio," Robinson added.
USAA Real Estate Company provides institutional real estate investment management services through a diverse range of multi-investor fund programs, co-investment partnerships and individually managed separate accounts. The firm owns and manages over $5 billion of institutional quality real estate for leading pension plan sponsors, insurance companies and international investors. The USAA Real Estate Company portfolio is comprised of over 70 million square feet of commercial office and mixed use property, modern federal and state government office facilities, warehouse distribution buildings, multi-family properties, community shopping centers, regional malls, and hotel and resort properties located in major metropolitan markets across the United States.. USAA Real Estate is a subsidiary of USAA, a leading financial services company with $138 billion of assets under management, serving military families since 1922.
Admiral Capital Group makes investments in and forms strategic partnerships with businesses to create superior value for its investors, partners and communities. Founded by David Robinson and Daniel Bassichis, Admiral Capital provides a unique combination of financial expertise, proprietary opportunities, strategic business development and a strong commitment to all stakeholders. Admiral Capital's goal is to maximize returns while creating positive social impact.