Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Tokyo  >  Sony Corp    6758   JP3435000009

SONY CORP

(6758)
  Report  
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Sony Looking to Sell Tokyo Building for up to $1.5 Billion

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/10/2013 | 07:36am EDT

--Sony looking to sell one of main buildings in Tokyo to bolster finances, according to person with knowledge of proposed sale

--Person says company considering selling Sony City Osaki building for about Y100 billion to Y130 billion

--Sony has been stepping up shedding of non-essential assets to raise cash

TOKYO--Sony Corp. (>> SONY CORPORATION) is looking to sell one of its main buildings in Tokyo barely two years after it was completed, as the Japanese electronics giant steps up its shedding of nonessential assets to raise cash, a person with knowledge of the proposed sale said Thursday.

The company is considering selling Sony City Osaki building for about 100 billion yen ($1.1 billion) to 130 billion yen ($1.5 billion), the person said. Employees are expected to stay at the location since the potential buyer is likely to lease the building to Sony.

Completed in 2011 and located in one of Tokyo's main office areas, the 124,000 square-meter, 25-story building houses around 5,000 employees in television, audio, and other divisions.

Weakened by years of red ink and a sharp decline of its core consumer-electronics segment, Sony needs to bolster its finances to compete with leaner rivals.

The company has reshaped its business portfolio under Chief Executive Kazuo Hirai, selling off its chemical products business and unwinding a liquid crystal display joint venture with Sharp Corp. (>> Sharp Corporation), while forming a capital tie-up with medical equipment maker Olympus Corp. (>> Olympus Corp). It is also considering selling its rechargeable-battery business, according to people familiar with the company's thinking.

The company declined to comment on whether it will sell Sony City Osaki building. Sony has previously said it is considering selling its U.S. headquarters in New York. The company in 2006 sold its old head office in Tokyo and later its main building in Berlin.

The first talk of Sony looking to sell its Osaki building emerged awhile back with at least one investment fund saying it had been notified about a potential sale about a year ago.

Despite slim prospects for sharp rises in property prices, foreign investor interest in Japanese real estate has been increasing recently especially on the back of attractive annual returns. Office vacancy rates in Tokyo have also started to decline in recent months, according to brokers.

Write to Kosaku Narioka at kosaku.narioka@dowjones.com and Kana Inagaki at kana.inagaki@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : SONY CORPORATION, Sharp Corporation, Olympus Corp
Stocks mentioned in the article
ChangeLast1st jan.
OLYMPUS CORP 0.16% 1247 End-of-day quote.-62.21%
SHARP CORPORATION 1.22% 1078 End-of-day quote.1.41%
SONY CORP 3.07% 5498 End-of-day quote.6.80%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SONY CORP
06/15DANIEL LOEB : We're Listening, but... -- WSJ
DJ
06/14NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/14ASIA MARKETS: Asian Markets Fall On Weak China Data, Geopolitical Jitters
DJ
06/14NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/14NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/14GLOBAL MARKETS LIVE : Huawei, Walmart, Sony, Huawei…
06/14NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/14NEWS HIGHLIGHTS : Top Company News of the Day
DJ
06/14WHAT'S NEWS : Business & Finance -- WSJ
DJ
06/14PATRICK THOMAS : Activist Wants Sony to Spin Off Semiconductors -- WSJ
DJ
More news
Financials (JPY)
Sales 2020 8 780 B
EBIT 2020 -
Net income 2020 538 B
Finance 2020 1 098 B
Yield 2020 0,73%
P/E ratio 2020 11,90
P/E ratio 2021 11,14
EV / Sales 2020 0,63x
EV / Sales 2021 0,59x
Capitalization 6 647 B
Chart SONY CORP
Duration : Period :
Sony Corp Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SONY CORP
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 7 505  JPY
Spread / Average Target 44%
EPS Revisions
Managers
NameTitle
Kenichiro Yoshida President, CEO & Representative Director
Osamu Nagayama Chairman
Kevin Kelleher Chief Operating Officer
Hiroki Totoki Chief Financial Officer & Senior Executive VP
Tomoyuki Suzuki Executive VP, Head-Research & Development Platform
Sector and Competitors
1st jan.Capitalization (M$)
SONY CORP6.80%60 857
PANASONIC CORPORATION-10.88%19 503
LG ELECTRONICS INC.--.--%11 693
TCL CORPORATION--.--%6 455
SHARP CORPORATION1.41%4 725
CASIO COMPUTER CO LTD3.06%2 915