The Cadillac Fairview Corporation Ltd. and Macerich Create New Joint Venture

TORONTO, ONTARIO, Jul 30 (MARKET WIRE) --
Attention: Business/real estate/newsdesk editors and reporters

The Cadillac Fairview Corporation Limited and long-time partner, The
Macerich Partnership, L.P., the operating partnership of Macerich(R)
(NYSE: MAC) today announced a joint venture in Macerich's dominant New
York City asset, Queens Center.

Under the terms of the deal, an affiliate of Cadillac Fairview acquires
49% interest in the asset and Macerich receives approximately $150
million in net cash.

Queens Center is a 966,499-square-foot urban retail development anchoring
Queens, N.Y., one of the most concentrated and dynamic markets in New
York City. The property produces annual mall sales (spaces 10,000 square
feet or less) of $876 per square foot as of year-end 2008, making it the
top-performing asset in Macerich's portfolio of high-quality retail real
estate in the country's most powerful markets. Queens Center leads the
industry as one of the most productive regional shopping centers in the
United States.

Queens Center is anchored by highly successful JCPenney and Macy's
department stores and features approximately 165 specialty retailers and
restaurants. Year-end 2008 occupancy was 97.5%.

"This is a very powerful partnership and, particularly given the
challenging economic environment, Cadillac Fairview and Macerich had an
opportunity to leverage an already-lucrative partnership that will
deliver value over time," said Andrea Stephen, Executive Vice President
of Investments for Cadillac Fairview. "Very few companies have the
ability to accomplish a deal of this nature in this environment, and this
is exactly why the Macerich/Cadillac Fairview partnership model is a
competitive strength."

This is the eighth regional shopping center to be joint ventured for the
two entities: Cadillac Fairview and Macerich co-own seven of the
country's top-performing regional shopping centers in California and the
Pacific Northwest, including Lakewood Center and Los Cerritos Center in
greater Los Angeles and Washington Square in Portland, Ore. The
longstanding partnership began in 1999.

"Strategic joint ventures are at the core of Macerich's business model
and this deal makes it possible for Macerich and Cadillac Fairview to
build on a partnership that spans more than a decade and has delivered
strong results, both from a financial and a real estate perspective,"
said Macerich President Edward C. Coppola. "Queens Center is the first in
a series of transactions in the execution of our joint venture strategy,
through which we expect to raise $500 million in equity."

Like the other assets in the long-time partnership, Macerich will
continue to manage the property, with the added value of Cadillac
Fairview's expertise as an investor and partner in best-in-class real
estate assets.

"This acquisition gives us a once-in-a-generation opportunity to enter
New York, one of the world's most valuable markets at what is arguably
the best retail site," commented Peter Sharpe, Cadillac Fairview's Chief
Executive Officer. "That the asset is a Macerich property adds even
greater value - we know from experience that this is a partnership that
delivers results."

About Cadillac Fairview

The Cadillac Fairview Corporation Limited is one of North America's
largest investors, owners and managers of commercial real estate. For
more than 50 years Cadillac Fairview has been leading the way in
commercial real estate with innovative design, development and
management. Cadillac Fairview focuses on developing and managing high
quality office properties and regional shopping centres in Canada and the
United States, as well as international investments in real estate
companies and investment funds. With a portfolio valued at more than $16
billion and nearly 50 million square feet of leasable space, Cadillac
Fairview and its affiliates own and manage 84 properties across North
America, including some of Canada's landmark developments, such as
Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook
Centre. Cadillac Fairview is wholly-owned by the Ontario Teachers'
Pension Plan, which invests to secure the retirement income of 284,000
active and retired teachers in Ontario. For details, please visit
www.cadillacfairview.com.

About Macerich

Macerich is a fully integrated self-managed and self-administered real
estate investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls throughout
the United States. The company is the sole general partner and owns an
87% ownership interest in The Macerich Partnership, L.P. Macerich now
owns approximately 76 million square feet of gross leasable area
consisting primarily of interests in 72 regional malls. Additional
information about Macerich can be obtained from the company's website at
www.macerich.com.

NOTE: To view the photos of the Queens Center, please visit the following
links -

http://media3.marketwire.com/docs/queensinside.jpg

http://media3.marketwire.com/docs/queensoutside.jpg

Contacts:
CADILLAC FAIRVIEW MEDIA CONTACT:
The Cadillac Fairview Corporation Ltd.
Janine Ojah-Maharaj
416.598.8208
Janine.ojah-maharaj@cadillacfairview.com

MACERICH MEDIA CONTACT:
Anita Walker
602-953-6550

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