Nokia confirms sale and leasing back of head office - PC Retail

Nokia confirms sale and leasing back of head office

Phone manufacturer expects to complete sale by the end of the year
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Nokia has announced that it has agreed to sell and lease back its head office building in Espoo, Finland.

The firm is expecting to complete the sale by the end of the year and has agreed a long-term lease to Finland-based Exilion for €170 million. Nokia has operated in the building since 1997.

“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 made a $754 million operating loss in Q3, but is hoping to claw back some smartphone market share with its newly launched Windows Phone 8 range.

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