Westfield to buy remaining WTC stake

Group to buy remaining 50% interest in World Trade Center for $US800m.

Westfield Group has agreed to buy the remaining 50% interest in the World Trade Center retail premises in New York for $US800 million ($878 million).

In a statement to the Australian Securities Exchange, Westfield said it will own 100 per cent of the retail project after the acquisition from the Port Authority of New York and New Jersey.

The sale brings Westfield's total investment in the site to more than $US1.4 billion and is expected to close within the next 30 to 45 days.

The purchase price is subject to a one-time additional contingent payment to the Port Authority within five years of the opening date if Westfield exceeds agreed return thresholds, the group said.

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