Sony Sells Tokyo Office Building for $1.2 Billion
The conglomerate will book proceeds of $445 million in its current quarter for the sale of its Sony City Osaki building, following a similar deal for its U.S. headquarters.
TOKYO – Sony will book proceeds of $445 million (41 billion yen) for the current financial quarter after the sale of its Sony City Osaki office building in central Tokyo, the company said Thursday.
The electronics and entertainment giant sold the 25-story building to a Japanese property fund and institutional investor
for $1.2 billion (111.1 billion yen) but will stay in the premises under a lease — an arrangement similar to the company’s recent sale
of its New York
The building currently houses approximately 5,000 employees, including the company’s crucial, but loss-making, TV division. Plans to sell the building, the second-largest of its properties in Japan after its HQ, were announced last month.
Also last month, Sony sold off part of its stake in internet medical-services company M3 to Deutsche Securities.
Sony has also been investing: it became the largest shareholder in Olympus Corp last week after increasing its stake in the troubled camera and medical equipment maker to 11.5 percent.
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Sony shares have risen more than 50 percent since December when they hit a multi-decade low.