Biz (2599)

Sony sells off Sony Center in Berlin

But landmark will keep name

3 March 2008 7:43 GMT / By Amy-Mae Elliott

The Sony Corporation has announced that it has decided to sell all shares in Sony Berlin GmbH which owns and operates the urban entertainment complex the Sony Center am Potsdamer Platz in Berlin, to real estate funds managed by Morgan Stanley and two other investors.

Sony has had involvement with the landmark since 2000, and says the decision to sell is "a result of an in-depth review of Sony's current businesses in conjunction with its ongoing global mid-term strategy to focus on core business areas".

The ownership of Sony Berlin will be transferred to the purchasers by the end of March 2008, but Sony and the purchasers have reached an agreement to keep the name "Sony Center" for the foreseeable future and Sony's overall presence there will apparently remain unchanged.

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Biz, Sony