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Sony to enter real estate business- Nikkei
April 23, 2014 / 6:32 PM / 3 years ago

Sony to enter real estate business- Nikkei

April 24 (Reuters) - Sony Corp will branch out into the real-estate business in August and plans to take the unit public in three years, the Nikkei reported without citing a source.

Sony recently set up a real-estate unit in Tokyo, with the aim of generating annual sales of 50 billion yen ($488.4 million) in five years, the newspaper said.

The real-estate foray marks the first initiative of a new project team at Sony that specializes in creating new businesses and aims at developing more than 10 new businesses over the next three years, the business daily reported.

$1 = 102.3850 Japanese Yen Reporting by Sruthi Ramakrishnan in Bangalore, Editing by Simon Jennings

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