Sunday, March 02, 2008

Sony to sell European HQ to M.Stanley consortium

Japanese consumer electronics maker Sony Corp (6758.T: Quote, Profile, Research) 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 (MS.N: Quote, Profile, Research) 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.


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