US Industrial REIT Launches New Partnership
June 30th, 2003 - San Antonio, TX
An
affiliate of AEGON USA joined the list of co-investors
in the US Industrial REIT (“USIR”). USIR, a
private real estate investment trust, was formed earlier
to acquire Class-A bulk distribution properties. The REIT
recently acquired 18 properties in three states valued
at over $265 million and consisting of over 9.9 million
square feet of space. USAA Real Estate Company, as sponsor,
plans to expand the REIT holdings with additional acquisitions
in the top 20 distribution markets nationwide.
AEGON is a Netherlands Insurance Company with U.S. headquarters
in Cedar Rapids, IA. Its subsidiaries offer personal and
commercial life and accident insurance, as well as retirement
and savings advice and management services. AEGON’s
US operations also offer life, nonmedical health and long-term
care insurance, annuities and other retirement products.
AEGON joins three other institutional firms that purchased
REIT shares earlier this year.
“We are very pleased to have Aegon as a co-investment
partner. The continuation of our business relationships
with AEGON is very regarding and we look forward to additional
opportunities in the future,” said Edward B. Kelley,
President and CEO of real estate operations and investments
for USAA Real Estate Company.
The REIT is managed by USAA Equity Advisors, Inc. Affiliates
of USAA Real Estate Company will maintain a minimum ownership
of at least 25% in USIR. Properties currently owned by
the REIT are located in Chicago, Memphis and Columbus.
USAA Real Estate Company has more than $2.8 billion of assets
under management and provides acquisition, build-to-suit
and development services for corporate and institutional
investors. The USAA Real Estate Company portfolio consists
of approximately 29 million square feet of office, industrial
and hotel properties as well as investments in real estate
operating companies.
Its parent, USAA, is one of America's leading financial
service companies and offers its 5 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, Texas, with offices throughout
the United States and Europe, USAA owns or manages assets
of more than $66 billion.