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San Diego Equities REIT I Completes Sale of First National Bank Center

July 15th, 2003 - San Antonio, TX

San Diego Equities REIT I recently completed the sale of First National Bank Center located in San Diego The purchaser was DRA Advisors, headquartered inNew York, N.Y.. The purchase price was not disclosed.

First National Bank Center is located at 401 West “A” Street. The property, which consists of more than 547,000 sq. feet of office space and 27 floors, is one of the premier office towers in downtown San Diego.

San Diego Equities REIT I is a private real estate investment trust registered in Texas and owned jointly by USAA Real Estate Company and SITQ BST-REIT LP. Jay Borzi, Adam Edwards and Steve Silk of Secured Capital Corp. represented the REIT.

Founded in 1984 by the Caisse de dépôt et placement du Québec, SITQ is a member of CDP Capital, the fund manager of the Caisse. Managing assets of more than $129 billion, CDP Capital is Canada’s leading fund manager and offers a complete line of fund management services worldwide.

SITQ is a real estate investment, management and development firm composed of six financial institutions and pension funds. A leader in the Canadian real estate industry, SITQ owns assets of more than $10 billion consisting of 460 properties mainly located in Canada, the US, France and the United Kingdom. The portfolio under management is evaluated at $16 billion and contains 460 buildings, totalling 74 million sq. feet.

USAA Real Estate Company has approx. $3 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 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 with offices throughout the United States and Europe, USAA owns or manages assets of more than $66 billion.