• Kyodo

  • SHARE

Sony Corp. said Friday it has agreed to sell some of its properties in Tokyo’s Shinagawa Ward, including its former headquarters building, to Sumitomo Realty & Development Co. for ¥16.1 billion.

The electronics maker is planning to sell the asset in the district of Gotenyama as part of its restructuring efforts at a time when it expects to post a group net loss of ¥110 billion for the year through March 31.

It will book about ¥10 billion as operating profit relating to the sale for the April-June quarter of fiscal 2014.

After its founding in 1946 as Tokyo Tsushin Kogyo K.K. in Nihombashi in Chuo Ward, Tokyo, Sony moved its head office to Gotenyama the following year.

The firm owned more than 10 buildings in the area, which later became known as “Sony Village,” and the NS building, which was built in 1990, was used as Sony’s headquarters building until 2006.

Faced with sluggish electronics business performance, the company announced in February the sale of its Vaio computer business to a Tokyo-based investment fund and a spinoff of its television business into a wholly owned unit from July.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW