Sony continues to offload assets, sells Tokyo complex for $1.2 billion

The company has promised to make a profit under its new CEO, and has also sold off holdings including its US headquarters

Sony, striving for its first annual profit in five years, said Thursday it sold a Tokyo office complex for about US$1.2 billion.

"Sony City Osaki," a building and block of land in a prime section of the Japanese capital near bustling Osaki Station, finished construction in March, 2011. The company said it structured the sale so that it will receive the profits immediately, but will continue to lease and occupy the property for the next five years.

The deal is the latest in a series of large asset sales, including Sony's U.S. headquarters, as the company tries to stick to its promise of making a profit this fiscal year, the first under new CEO Kazuo Hirai. The company reiterated Thursday that it aims for a small ¥20 billion ($220 million) profit, on sales of ¥6.6 trillion.

Sony said it will generate ¥41 billion in operating profit, to be booked in the current fiscal year through March, on the Osaki deal. The company said in a statement the sale is part of its efforts at "transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure."

The 25-story building, with an additional window-walled story on the roof, was built with cutting-edge techniques. It won an award last year for its anti-earthquake construction, which includes giant oil dampers. The building is also fitted with a system that circulates and evaporates collected rain water to help lower its external temperature during hot periods.

Last month, Sony announced it will sell its iconic U.S. headquarters for $1.1 billion. The company said it will move out of that building, a famous part of the New York skyline, within the next three years.

The company said last week it generated ¥14.2 billion by selling shares in M3, an online medical services company, to Deutsche Securities.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags business issuessonyrestructuring

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jay Alabaster

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Bitdefender 2019

This Holiday Season, protect yourself and your loved ones with the best. Buy now for Holiday Savings!

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?