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Sony sells Berlin complex to Morgan Stanley-managed real estate funds

Sony sells Berlin complex to Morgan Stanley-managed real estate funds

Sony Corp. is selling its namesake business and entertainment complex in Berlin's Potsdamer Platz to real estate funds managed by Morgan Stanley and two other investors, the Japanese electronics giant announced Thursday.
All shares in Sony Berlin GmbH, will be sold to the purchasers by the end of March, subject to regulatory approval, the Tokyo-based company said in a statement.
Sony Berlin operates the 132,500-sq. meter (159,000-sq. yard) Sony Center complex.
The decision came after an in-depth review of Sony's current businesses, taking into consideration the company's efforts to focus on core business areas, it said. Sony did not announce a price.
The complex will retain the Sony Center name for the foreseeable future, and all Sony Group companies with offices at the eight-building site will remain as tenants, Sony said.
Sony's move is the latest highlighting the growing demand for property in the German capital, particularly around Potsdamer Platz. Last December, Daimler AG said it had sold its property in the area to a Swedish banking group.
Potsdamer Platz has transformed itself from a threatening no man's land during the Cold War to one of the most desirable addresses in the capital since the Berlin Wall was toppled and Germany reunited.
German investment group Corpus Sireo and an affiliate of Chicago-based real estate company John Buck Co. are the other investors in the funds involved in the Sony deal.


Updated : 2021-05-07 21:31 GMT+08:00