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Sony has agreed the $1.1 billion sale of its 37-storey New York headquarters to investors, reports Bloomberg.
The sale should give the struggling electronics giant an operating-income gain of about $685 million after repaying debt related to the building and other costs.
The agreed sale has led Sony’s share price to rise 12 per cent to 1,149 yen. That’s the biggest gain since Oct. 14, 2008.
Sony will remain in the building for up to three years.
The decision to sell comes amidst Sony’s ongoing efforts to turn around its business after reporting a record loss of 457 billion yen for the year ended March 31, 2012. Sony predicts a 20 billion yen profit for the current financial year, but is re-evaluating its forecast to reflect the building sale.
Source: Bloomberg
