As Values Decline, Pension Funds Jump Into Real Estate

"As property values fall, investors around the world are starting to pay attention to the U.S. market. Macerich said it expects to close two more joint ventures in the next two months as the publicly traded real-estate investment trust tries to reduce its $7.9 billion debt load. Chief Executive Art Coppola said in a conference call on Tuesday that a big U.S. pension fund and an international sovereign-wealth fund are the lead contenders to join those ventures."