OSAKA-Nippon Building Fund and an unnamed Japanese institutional investor are now the proud owners of Sony's City Osaka office building.
According to a statement by the electronics giant, the asset was placed in a trust and the beneficiary rights sold. There is also a sale/leaseback aspect to the transaction which carves out a five-year stay for Sony.
The sale is also in keeping with the firm's push to reorganize its assets and shore up its corporate structure. This strategy played out recently in the US market when the firm sold it's now iconic 550 Madison Ave. property for $1.1billion.
As a result of the sale, Sony expects to realize a gain on the sale of approximately $444.5 million, to be recorded as operating income, in the fourth quarter of the fiscal year ending March 31, 2013.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
