Shopping centre giant, Westfield Group (WDC) is set to acquire interest in the World Trade Centre retail facilities after it signed a letter of intent with authorities in New York, the group said on Monday.
The joint venture with The Port Authority in New York and New Jersey will own the retail facilities, with Westfield responsible for management and leasing of the project.
Westfield said it will invest up to US$625 million in development costs.
"We are excited to be back," Westfield's group managing director Peter Lowy said.
"We always wanted to be a part of revitalisation of this historic site once the plans were finalised.
"With the Port Authority, we look forward to creating a world-class, iconic shopping destination for Lower Manhattan," he said.
Retail premises currently include 488,000 square feet of Gross Lettable Area Spread across multiple levels, with the primary retail space located in the new transit terminal and at street level.
Westfield originally acquired an interest in the retail facilities at the World Trade Centre in July, 2001.
In December 2003, Westfield sold its interest in the World Trade Centre retail premises to the Port Authority to help simplify the rebuilding process by avoiding the inherent conflict between its commercial/lease rights and the interests of the public.
Despite the positive news, shares in WDC fell 4.2% to $18.98 at noon.
