Westfield to Sell WTC Stake to Port Authority

Westfield America has entered into a nonbinding letter of intent with the Port Authority of New York and New Jersey for the sale of Westfield's interest in the World Trade Center retail net lease for $140 million.The Australian property trust said this would allow it to recover its initial investment in the property and "associated costs." This development is "the culmination of several months of discussion" between the Port Authority and Westfield on how to proceed with the redevelopment of the retail facilities at the World Trade Center, Westfield said. "We are selling our interests to the Port to help simplify the overall rebuilding process and expedite the rebuilding of the World Trade Center," said Westfield chairman Frank Lowy. "While Westfield wanted to be a part of the future of the World Trade Center, we recognized the conflict between the interests of the public and the needs of our commercial/net lease rights. Selling our interest back to the Port will allow the public interest to take precedence."