Westfield Group to Invest in World Trade Center Retail

New York City Shopping center developer The Westfield Group announced in a letter to The Port Authority of New York and New Jersey that it expressed interest in a reacquiring a stake in the retail premises at the World Trade Center site.

Under the terms of the transaction, Westfield and the Port Authority will form a joint venture to own the retail facilities, with Westfield responsible for management and leasing for the joint venture. Westfield plans to invest up to $625 million in development costs.

The transaction is subject to completion of legal documentation, due diligence and required approvals.