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18 July 2024

Sony to sell Berlin property to investment funds

By Agencies

Sony Corporation said on Thursday that it will sell the Berlin Sony Centre, a sprawling entertainment complex in the German capital, to a group of investment funds as part of its streamlining efforts.

Morgan Stanley, Corpus Sireo and an affiliate of The John Buck Company are set to buy Sony Berlin GmbH, which operates the eight buildings filled with offices, shops, restaurants, homes and other facilities, a Sony statement said.

It did not divulge the value of the deal but said the expected profits had already been factored into its earlier forecast for a 471 percent surge in operating profit to JPY410 billion in the current fiscal year to March.

The decision reflects Sony's efforts to focus on core business areas, it said.

Sony companies that are located on the premises will remain tenants and the centre will keep the group's name, it added. The sale is expected to be completed by the end of next month subject to regulatory approval.

In 2006 the iconic Japanese company's first foreign head, Howard Stringer, announced 10,000 job cuts and plans for a swathe of asset disposals in an effort to revive its flagging fortunes. (AFP)