Thursday, February 28, 2008

Sony Agrees to $1 Billion Sale Leaseback of European HQ in Berlin

February 28, 2008 - Reuters

Japanese consumer electronics maker Sony Corp said on Thursday that it has agreed to sell its European headquarters and entertainment complex in Berlin to a consortium led by Morgan Stanley-run funds.

Sony said it will remain as the main tenant in the eight-building Sony Center on Potsdamer Platz, which draws more than eight million visitors per year.

Morgan Stanley and Sony both declined to comment on the size and terms of the sale and leaseback, although a spokeswoman for Sony said the initial cost of the development was 750 million euros ($1.13 billion).

Reports put the size of the deal at between $940 million and $1.13 billion. Sphere: Related Content

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