The owners of the demolished World
Trade Center in lower Manhattan
acquired the buildings just two months ago under a 99-year lease
allowing
them to walk away from their investment in the event of "an act of
terrorism."
The owners, Silverstein Properties and Westfield America - a shopping
mall
specialist - purchased the buildings from the Port Authority of New
York
and New Jersey for $3.2bn in July and completed the financing just two
weeks ago ... It is understood that the buildings are insured for more
than $3bn, enough to cover rebuilding costs.
(The Financial Times Limited, September 14, 2001)
(The Financial Times Limited, September 14, 2001)
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