U.S. Census-at-a-Glance Widget

Friday, July 29, 2011

WTC retail bought by Westfield

from this morning's RE Business Online (7/29)

WESTFIELD SIGNS ON FOR $612.5M INVESTMENT IN WTC RETAIL COMPONENT


"NEW YORK CITY — The Westfield Group (ASX: WDC) has agreed in principle with The Port Authority of New York and New Jersey on the commercial terms for a joint venture of the retail component at the World Trade Center site. Westfield will invest $612.5 million for a 50 percent share of the joint venture, which is subject to potential increases of up to $37.5 million based on achievement of agreed yield targets. The investment will be funded progressively after the closing throughout the development period. The transaction is subject to completion of legal documentation, due diligence and final Board approvals and is expected to close in fourth quarter 2011." ...

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