Desperate Sony Sells Japan Headquarters

Sony has sold its secondary headquarters as part of the company’s restructure.

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Sony has sold its second headquarters in Sony City Osaka, Tokyo for AU$1.17 billion (111.1 billion yen) as part of the most significant restructure in its corporate history. Although the property was purchased by Nippon Building Fund and an undisclosed “Japanese institutional investor”, Sony will remain the lessee for the next five years.

Approximately 40% of the sale will be recorded as operating income for the fiscal year ending March 31, 2013, with the rest being used to settle debt owned on the property.

“Sony 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,” the company said in a statement.

According to Electronista, this is the second headquarters to be liquidated by Sony following the sale of its US-based headquarters, where it freed $700 million after retiring debts against the property. Sony’s smartphone rival, Nokia, recently mirrored this move by selling and releasing its Finnish headquarters.

Over the past decade Sony has been struggling in the consumer electronics market at the expense Samsung’s, LG’s and Apple’s prosperity. The company’s TV division hasn’t turned a profit in eight years and they’ve conceded drastic smartphone share since the smartphone revolution in 2007.