Sony Completes Real Estate Sale for $1.2 Billion
In an ongoing effort to reorganize assets and "strengthen its corporate structure," Sony has sold its Sony City Osaki commercial building and property for $1.2 billion, the company announced yesterday.
Nippon Building Fund, in addition to a Japanese institutional investor that has requested anonymity, have purchased the Tokyo property. In a separate arrangement, Nippon and Sony have agreed to a five-year lease agreement in which Sony and its ancillary businesses will continue to occupy the building.
After deducting transaction-related costs, Sony expects to realize a gain from the sale of approximately $440 million, which will be reflected as operating income on its fiscal Q4 earnings report, ending March 31, 2013. In January, Sony announced it had reached an agreement to sell its New York City headquarters, the Sony Tower, for $1.1 billion.
The article Sony Completes Real Estate Sale for $1.2 Billion originally appeared on Fool.com.Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.