Westfield has moved closer to bringing retail back to the World Trade Center site in New York by entering into an agreement with the Port Authority of New York and New Jersey.

The transaction – subject to conditions – will involve Westfield investing up to US$625 million (£317 million) in the development, which will include 488,000 sq ft (45,335 sq m) of retail space.

Westfield first bought a stake in the World Trade Center in July 2001, but sold this in 2003 to the Port Authority to help simplify the rebuilding process, following the September 2001 terror attacks.

Westfield managing director Pete Lowy said: “We are excited to be back. We always wanted to be a part of the revitalisation of this historic site once plans were finalised.”

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