REG-Sony Corporation Sony Corporation of America Announces Closing on Sale of 550 Madison Avenue Building<6758.T>

Mon Mar 18, 2013 6:09am EDT

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TOKYO--(Business Wire)--


March 15, 2013 

Sony Corporation of America Announces Closing on Sale of 550 Madison Avenue
Building

Sony Corporation of America ("SCA"), a wholly owned subsidiary of Sony
Corporation ("Sony"), today announced that it has closed on the previously
announced sale of its U.S. headquarters building, located at 550 Madison Avenue
in New York City, to a consortium led by The Chetrit Group, a New York-based
owner of commercial properties in New York City and other major US real estate
markets. As previously announced, the sale price was $1.1 billion. After
repaying debt related to the building and other transaction costs, Sony will
receive net cash proceeds of approximately $770 million and expects to realize a
gain on the sale of approximately $685 million to be recorded as operating
income, both as previously announced. SCA and other Sony businesses will remain
in the building for up to three years under a leaseback arrangement with the
purchaser. Sony is currently reevaluating the impact of this sale and other
factors on Sony`s forecast of the consolidated financial results for the fiscal
year ending March 31, 2013.

Sony Corporation 

Copyright Business Wire 2013

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