USAA Completes $546M in Fundraising for U.S. Government Building Fund

The fund owns assets of 1 million square feet and is continuing to target core Class A assets. Its target value is in excess of $1 billion.

August 25, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user http2007

USAA Real Estate Company said Wednesday that it has raised $546 million for the U.S. Government Building Fund, L.L.C., which has both direct and indirect equity commitments from USAA as well as six institutional investors.

According to USAA chairman and CEO T. Patrick Duncan, the fund has found success in investing in stable, high-quality, government-leased assets in major markets. He added that the investment period is expected to be complete within the next one to two years.

The fund owns assets of 1 million square feet and is continuing to target core Class A assets. Its target value is in excess of $1 billion.

USAA Real Estate has $6 billion in owned and managed assets under management. It is a subsidiary of financial services firm USAA.