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General

Sony to sell US headquarters for 1.1 USD bln

Friday 18 January 2013 | 10:18 CET | News
Sony Corporation of America (SCA) it has signed a contract to sell its US headquarters building, located in New York City, to a consortium led by The Chetrit Group, the US-based owner of commercial properties. The sale price is USD 1.1 billion, and it is expected that the transaction will close in March this year. SCA and other Sony businesses (including Sony Music Entertainment, Sony/ATV Music Publishing and Sony Pictures Entertainment) will remain in the building for up to three years under a leaseback arrangement with the purchaser. After repaying debt related to the building and other transaction costs, it is expected that Sony will receive net cash proceeds of approximately USD 770 million. Sony expects to realise a gain on the sale of approximately USD 685 million to be recorded as operating income.

Categories: General
Companies: Sony
Countries: United States
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