1/18/2013 11:58:14 AM
Sony signs leaseback deal for US headquarters
Sony has signed a deal to sell its American headquarters and lease it back, becoming the latest manufacturer to sign such a deal to reduce costs.
The sale to commercial properties business Chetrit Group is worth $1.1bn but Sony will make a gain of $685m to its operating income. The deal will be completed by March 2013 but Sony will stay in the building for at least another three years.
The manufacturer has been suffering in recent years, posting a loss for each of its last four financial years. It announced a restructuring last year, which put mobile at the heart of its turnaround strategy, but would involve in the cutting of 10,000 jobs.
The leaseback deal follows a similar transaction signed by Nokia last year, which sold its Finnish head office to Exilion Capital Oy in a deal worth Eu170m.
Author: Graeme Neill