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BRIEF-Woolworths Holdings sells Market Street property in Sydney

Published 08/08/2016, 04:20 pm
Updated 08/08/2016, 05:50 pm
© Reuters.  BRIEF-Woolworths Holdings sells Market Street property in Sydney
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Aug 8 (Reuters) - Woolworths Holdings Ltd WHLJ.J

* Sale of Market Street property in Sydney and relocation of David Jones head office WHLJ.J

* Up to A$200 million (R2.1 billion) of sale proceeds will be used to develop adjacent Elizabeth Street building to create a 39,000 sq. metre department store on 11 levels

* Company expects co-location to deliver synergies and productivity benefits of at least A$10 million per annum from 2019

* Board announces A$360 million (R3.8 billion) sale of its Market Street property in Sydney to Australia's Scentre Group

* Has also worked closely with Victorian Government to structure a range of incentives to offset cost of re-location Source text for Eikon: Further company coverage: WHLJ.J

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