Sony to sell New York HQ for $1.1 billion
- Posted January 18th, 2013 at 07:09 EDT by Michael Harradence
According to Bloomberg, Sony Corporation has negotiated the sale of its New York headquarters for $1.1 billion to investors.
The console maker, which has been sailing through some choppy financial waters as of late, is expected to gain $685 million in operating income after the repayment of debt related to the 37-storey building.
In addition, Sony’s share price has risen by 12 per cent; a four-year high for the hardware manufacturer. The company will remain in the building for up to three years, however.
Sony’s move to flog its New York HQ comes in light of the firm’s efforts to recover from its mammoth 457 billion yen loss for the financial year ended March 31, 2012. In light of the sale of its NY HQ, the company is re-evaluating its forecast of 20 billion yen profit for the current FY.
Stay tuned to PSU.com for more details.