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Sony Corp. selling Sony Center

Feb. 28, 2008 at 10:06 PM   |   Comments

BERLIN, Feb. 28 (UPI) -- Sony Corp. has announced plans to sell all its shares in Sony Berlin, which owns and operates the Sony Center urban entertainment complex in Berlin.

Sony Corp. said the ownership will be transferred to real estate funds managed by Morgan Stanley and two other investors -- Corpus Sireo and an affiliate of The John Buck Co. -- by the end of next month, subject to approvals by relevant authorities.

Sony said its decision is a result of a review of Sony's businesses in conjunction with its ongoing, global mid-term strategy to focus on core business areas.

The Sony Center includes eight buildings, which accommodate offices, retail, dining, entertainment facilities and residences. It is a landmark that attracts more than 8 million visitors each year.

Sony and the purchasers have reached an agreement to retain the name "Sony Center" for the foreseeable future.

Despite the transfer of ownership, Sony's overall presence at the Sony Center will remain unchanged and all Sony Group companies currently located on Sony Center premises will remain as tenants following the completion of the transaction, Sony Corp. said.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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