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© baloncici-dreamstime.com Electronics Production | February 28, 2013

What is going on with Sony?

Sony announces that it has sold its Sony City Osaki office building and premises to Nippon Building Fund Inc. and a Japanese institutional investor.
In their latest fiscal report, Sony announced that they are transforming its business portfolio and reorganizing its assets by selecting and concentrating business lines in an effort to strengthen its corporate structure.

The sale was structured such that Sony placed the office building and premises in a trust and then sold the trust beneficiary rights. Sony and other Sony Group businesses will remain in the building for a period of five years after the sale under a lease agreement entered into separately.

The sale price is JYP 111.1 billion (USD 1.2 billion). After deducting expenses related to transaction costs, Sony received net cash proceeds today of JYP 110 billion (USD 1.19 billion). As a result of the sale, Sony expects to realize a gain on the sale of approximately JYP 41 billion (USD 443.6 million), to be recorded as operating income, in the fourth quarter of the fiscal year ending March 31, 2013.

Sony has identified certain assets for possible sale as part of an initiative to transform its business portfolio and reorganize its assets. This sale was conducted as a part of that initiative.

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