With rumors already heard loud and clear, Sony today confirmed the news by announcing that it has sold its Sony City Osaki Office building in Tokyo to Nippon Building Fund and a Japanese institutional investor for a price of 111.1 billion yen (about $1.2 billion).
Although despite of sale, Sony and its other Sony Group businesses will remain in the building for a period of five years under a lease agreement entered into separately. The impact of the sale on Sony’s forecast for consolidated financial results for the fiscal year ending March 31, 2013 will come into effect.
Sharing the reason of sale, the company says it “is transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure. This sale was conducted as a part of this reorganization.”