SAN ANTONIO — USAA announced Thursday that it has agreed in principle to sell a controlling interest in USAA Real Estate (USAARE) to the current management of USAARE and a private investment group.

USAA says its purpose for the move is to better serve its members through banking, auto, home, life insurance and retirement products.

“We will continue to deliver on USAA’s mission to serve the financial needs of the military community with the quality, speed and service members expect and deserve," said USAA CEO Stuart Parker.

USAA says it expects minimal employee impact from the transaction. USAA Real Estate is planning to maintain its current workforce and says it will work with all parties to ensure a smooth transition. The transaction is expected to close in early 2020.

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