Public pension funds invested in malls, apartments and offices over the last decade in search of higher returns. Now they are grappling with how much those real-estate investments are worth in a world transformed by Covid-19.

Pension giant California Public Employees’ Retirement System is projecting malls will lose some of their value in the second quarter, according to an internal estimate. The Arizona State Retirement System predicts the value of distribution centers for e-commerce will rise as more people shop online.

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