News Sony Sells US$1.2 Billion Tokyo Office Building
posted on 2013-03-03 00:48 EST
Sony announced that it sold its City Osaki office in Tokyo for 111.1 billion yen (about US$1.2 billion) on Thursday. The company explained that it is "transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure. This sale was conducted as a part of this reorganization."
After deducting transaction expenses, Sony received 110 billion yen (US$1.19 billion), profiting 41 billion yen (US$445 million) in operating income from the deal. Sony employees will continue to operate in the space for the next five years.
Sony sold its American headquarters in Manhattan last month for US$1.1 billion. Both sales are part of a strategy to return to the company to profit after four years of financial losses.
Thanks to Daniel Zelter for the news tip.