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CalSTRS, Panattoni Form $1B Property JV

California State Teachers’ Retirement System (CalSTRS) and Panattoni Development have formed a $1.15 billion equity joint property venture.

California State Teachers’ Retirement System (CalSTRS) and Panattoni Development have formed a $1.15 billion equity joint property venture, Global Pensions reports. Panattoni is offering core assets to seed the venture, PanCal.

Principal Real Estate Investors will act as advisor to CalSTRS, while Eastdil Secured will advise Panattoni in the formation of the joint venture. The joint venture will seek to focus on bulk industrial, build-to-suits, value add and core opportunities in the U.S. and Canada.

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