Sony unloads 'Sony City Osaka' building for $1.2 billion, will remain as lessee

Written by Digital News on . Posted in News from the Web

Sony unloads 'Sony City Osaka' building for $12 billion

In a bid to bolster its bottom line, Sony's been selling properties like a desperate monopoly player, and the latest space on the board to go is the Sony City Osaka building for 111.1 billion yen ($1.2 billion).That follows the sale of its NY headquarters for a similar sum, and the move of its global HQ from Sweden to Tokyo. The Osaka building has been purchased by a Japanese holding company who will lease the building back to Sony for a period of at least five years, which seems to be the trend for electronics companies lately. The Japanese conglomerate said all the property deals are being made to "transform its business portfolio and reorganize its assets." Translation? Sony needs the cash, natch.

Filed under: Misc, Sony

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Source:Sony

Read more http://www.engadget.com/2013/02/28/sony-unloads-sony-city-osaka-building-for-1-2-billion/

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