Sony puts 25-storey Tokyo building up for sale in $1.4b deal
TOKYO (REUTERS) - Sony has put one of its main buildings in central Tokyo up for sale in a deal that could raise up to 100 billion yen (S$1.4 billion), as the company seeks to sell non-core assets to boost its balance sheet, according to five people with direct knowledge of the deal.
Sony is trying to sell the 25-storey Sony City Osaki building in what will likely be the biggest office property deal in more than three years in Japan's property market, which has been in the doldrums in the wake of the global financial crisis.
The move underscores Sony's efforts to sell non-core assets to focus on reviving its consumer electronics business. Sony last year sold a chemicals company and is currently considering the sale of its battery business unit, chief executive Kazuo Hirai said this week in Las Vegas.
The company is also trimming its headquarters staff by a fifth and is trying to sell its US headquarters, which is expected to fetch up to US$800 million (S$984 million).