TOKYO: Japan’s Sony plans to sell one of its main buildings in Tokyo as the former electronics titan tries to raise enough cash to fund its huge restructuring, a report said yesterday.
As it looks to repair its tattered balance sheet the company is realigning its operations, including selling off its chemical division while investing ¥50bn ($572m) in camera and medical equipment maker Olympus.
The sale of the building, which is less than two-years old, is part of an effort to raise cash for the restructuring, the Nikkei business daily said, without putting a figure on its value. However, based on real estate prices in Tokyo, it is expected to be more than enough to cover the cost of the Olympus investment.
The 25-storey building with two levels underground is in Tokyo’s Osaki district, which accommodates Sony’s television division, the Nikkei said, adding that about 5,000 people work there.
Sony is also considering selling its building in Manhattan, the paper added. AFP
