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Sony to sell Tokyo building - report

Jan 10 2013 08:17
AFP

Tokyo - Japanese electronics giant Sony plans to sell one of its main buildings in Tokyo to finance its business restructuring effort, a report said Thursday.

Sony is realigning its operations as it looks to turn the page on a difficult few years, including selling off its chemical division, as it invests ¥50bn in camera and medical equipment maker Olympus.

The sale of the building, which was completed in March 2011, 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.

About 5 000 people work in the building, it said.

Sony is also considering selling its building in New York's Manhattan, the paper added.

Shares in the company were 3.73% higher in late afternoon trade, at ¥970.

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