ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Business

Sharp to buy back Osaka building from NTT group

OSAKA -- Sharp will buy back a building in Osaka that it had unloaded to a Nippon Telegraph and Telephone group company in March, the Japanese electronics manufacturer said Wednesday.

The Tanabe Building sits across the street from Sharp's former headquarters. A contract was signed for Sharp to purchase the property from NTT Urban Development for about 13.9 billion yen ($138 million), which is believed to be about 10% more than the original selling price.

The sale of the headquarters building and surrounding properties was part of a rehabilitation plan announced by Sharp last year. The headquarters was bought by furniture retailer Nitori Holdings in March. Sharp began serious negotiations with NTT Urban Development around last month after its effort to buy back the headquarters building from Nitori appeared to be going nowhere.

The Tanabe Building, which was occupied by Sharp's sales department, is expected to be turned into a center for development of cutting-edge technologies and new businesses.

Sharp was acquired by Taiwan's Hon Hai Precision Industry, better known as Foxconn, earlier this year. Foxconn Chairman Terry Gou reportedly told those close to him of the importance of Sharp's former Osaka headquarters campus. Sharp President Tai Jeng-wu -- who is also vice chairman of Foxconn -- personally led the effort to purchase the Tanabe Building. Amid rapid structural reforms under Foxconn, the deal is also seen as a move to boost the morale of Sharp employees.

Sharp said the deal will have a negligible impact on its earnings for the current fiscal year through March 2017.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends April 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media