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USAA Real Estate Company Completes Sale of Invesco Office Building

February 20, 2003 - San Antonio, TX

USAA Real Estate Company completed the sale of the Invesco Office Building in Denver, Co., to Challenger International Limited, an Australian-based financial services company. The purchase price was not disclosed.

The Invesco office building is located at 4340 S. Monoco Street in the Denver Tech Center development. The property, which consists of 264,000 square feet of state-of-the-art office space in two buildings, is situated on a 13.75-acre tract near Interstates 25 and 225 in Southeast Denver.

Challenger International Limited is a diversified financial services group specializing in investment services, advisory services, corporate financial services, retirement income, and property capital. Since listing in 1987, Challenger has grown to become a major financial services provider with over $8 billion in assets under management. Challenger has operations in four countries, Australia, the United Kingdom, the United States and New Zealand. The Invesco office building represents Challenger's third acquisition in the United States after having entered the market in early 2002.

USAA Real Estate Company has more than $2.9 billion in assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investments in real estate operating companies.

USAA, the parent company of USAA Real Estate Company, has been serving military families since 1922 and has become one of America's leading insurance and financial services companies. The association, well known for its exceptional service, offers its 4.9 million members a comprehensive range of insurance, banking and investment products and services designed to help them meet their financial needs. Headquartered in San Antonio with offices throughout the United States and Europe, USAA owns or manages assets of more than $68 billion.