In an ongoing effort to reorganize assets and "strengthen its corporate structure," Sony (NYSE:SNE) 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.