Westfield will manage the new shopping centre at New York’s World Trade Centre (WTC), as the company returns to the site after the terrorist attacks almost 10 years ago.

The world’s biggest shopping centre owner has agreed to form a joint venture with the Port Authority of New York and New Jersey to develop the retail precinct of the new WTC.

Westfield will manage and lease out the shopping space on behalf of the joint venture.

“We are excited about our partnership to rebuild the World Trade Center retail,” Westfield joint chief executive Peter Lowy said in the statement.

“We will be creating a world-class, iconic shopping experience for Lower Manhattan and the City of New York.”

Westfield will invest $US612.5 million ($A558 million) for a 50 per cent share in the joint venture.

Westfield said it could invest up to a further $US37.5 million on achieving agreed yield targets.

Westfield had an interest in the WTC retail facilities just before the September 11, 2001, terrorist attacks.

The Sydney-based company then sold its interest in the WTC to the Port Authority in 2003 to simplify the rebuilding process.

Plans for the retail premises include about 33,910 square metres of leasable space. A further 8,360 square metres may be added later.

The retail space is expected to open in early 2015.

The transaction is subject to completion of legal documentation and due diligence and is expected to close in the fourth quarter of 2011.