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Scentre scoops up DJs store for $360m

AAP logoAAP 9/08/2016

David Jones has sold one of its two historic Sydney department stores to shopping centre owner Scentre Group for $360 million.

DJs will continue to lease the Market Street premises, which it has occupied since 1938, until it completes a move to its neighbouring Elizabeth Street flagship store.

David Jones' parent company, South African retailer Woolworths, said on Tuesday as much as $200 million from the sale will go towards upgrading the Elizabeth Street store.

The redevelopment will be carried out in stages, starting from 2017 and is expected to be completed in the second half of 2019.

The Market Street store currently houses departments including menswear and the food hall.

The announcement of the sale follows Woolworths' decision last week to relocate David Jones's head office from Sydney to Melbourne.

The move to Victoria will affect 600 staff and will be carried out in stages over 12 months from 2017.

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