Sony sells Sony City Osaki building

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Sony has followed up the sale of Sony Tower in New York City with the sale of their Sony City Osaki office building, which has taken place for much the same reason as the New York sell-off.

The sale of Sony City Osaki to Nippon Building Fund Inc. and an unspecified Japanese institutional investor, the property’s buyers, saw 111.1 billion yen (around $1.2 billion) change hands. Of that total approximately 41 billion yen ($443 million) is considered to be profit and it will be counted as operating income for the fourth quarter of the current fiscal year ending 31 March 2013.

The reason given for the sale is that the company is “transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure.”

Sony will be leasing the building from the buyers for a period of five years.

Source: Engadget

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