Sony sells iconic office block as part of turnaround strategy

Sony has sold part of its heritage and culture as part of Kazou Hirai's dramatic turnaround strategy with the sale and leaseback of one of its main buildings in Tokyo for 111.1 billion yen (£794m) According to Sony's official press release regarding the property sale:"Sony is transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure.　This sale was conducted as a part of this reorganization."This isn't the first time that Sony has opted for the use of sale and leaseback as a way of raising finance. in January 2013 Sony raised $1.1bn from the sale and leaseback of its corporate headquarters in New York.The asset sales are designed to generate cash and repay Sony's high debts, which in turn are part of a major restructuring programme introduced by Hirai. He came into the job in Spring 2012 stating that "Sony must change: Sony will change".