SYDNEY - Westfield Group plans to manage a new shopping precinct at the site of New York's World Trade Center. The world's largest listed shopping mall operator is striking a deal to return almost 10 years after the September 11 terrorist attacks.

The Sydney-based company said in a statement Friday that it has agreed in principle on the commercial terms of a joint venture with the Port Authority of New York and New Jersey to develop the new retail precinct.

Westfield would manage and lease out the retail space.

The company will invest $612.5 million for a 50 percent share in the joint venture.

Westfield expects the deal be closed late this year.