Phil Elliott
09:12 (BST)
29/02/2008
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Sony to sell European HQ
Company to remain key tenant as Berlin complex is taken over by consortium
Sony Corporation has announced that it has sold all its shares in Sony Berlin, the company which owns and operates the Sony Center am Potsdamer Platz office and entertainment complex in the city.
Real estate funds, led by Morgan Stanley and including Corpus Sireo and The John Buck Company, will take ownership of Sony Berlin by the end of March, subject to approval.
The company will remain as the key tenant on the site, which has become a significant landmark in Berlin, attracting over 8 million visitors per year, and includes offices, retail areas, and dining and entertainment facilities.
The proceeds from the sale, which a Reuters report pins at around the USD 1 billion mark, have already been incorporated into Sony's forecast for the current fiscal year.
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