Nokia Sells its Head Office Building
Published on: 4th Dec 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
In a move that is more symbolic than of any significant material impact Nokia has sold its Head Office building in Finland and will lease it back from the new owners.
Nokia is raising EUR170 million (USD221 million) from the sale to Finland-based Exilion.
"We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome. As we have said before, owning real estate is not part of Nokia's core business and when good opportunities arise we are willing to exit these types of non-core assets. We are naturally continuing to operate in our head office building on a long-term basis," said Timo Ihamuotila, CFO, Nokia.
Nokia has operated in the building since 1997. The 48,000 m2 building, designed by architect Pekka Helin, is located in Keilaniemi, Espoo, Finland.