Nokia to sell head office building for €170 million, plans to lease it back
As rumored earlier, Nokia has announced that it plans to sell and lease back its head office building. The Finnish smartphone will be completing the sale by end of 2012 for €170 million.
The company has operated in the building popularly known as ‘Nokia House’ since 1997. “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,” said Timo Ihamuotila, CFO at Nokia. The 48,000 m2 building was designed by architect Pekka Helin and is located in Keilaniemi, Espoo, Finland. The company plans to lease back and continue long term operations from the building.
[Via – Nokia]