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Nokia sells its Espoo, Finland HQ for $222 million, will stay on as tenant

pratyush997

Inactive
As promised, Nokia has sold its Espoo, Finland headquarters to another Finnish company, Exilion, and signed a long-term lease to stay on as principal tenant. The handset maker reported that the property, dubbed Nokia House, went for 170 million euros ($222 million) and that the sale of the 48,000 square meter (517,000 square feet) property would be completed by the end of the year. Nokia reportedly made the deal to help stem the flow from its recent poor financial performance, but will at least get to stay on in the building it's occupied since 1997. Check the PR after the break for more info.

Nokia to sell and lease back head office building

Espoo, Finland - Nokia has agreed to sell and lease back its head office building in Espoo, Finland on a long-term lease to Finland-based Exilion. We expect to complete the sale by the end of 2012. The selling price is EUR 170 million.

"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.

About Nokia
Nokia is a global leader in mobile communications whose products have become an integral part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia to capture and share experiences, access information, find their way or simply to speak to one another. Nokia's technological and design innovations have made its brand one of the most recognized in the world. For more information, visit About us - Nokia.
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What the hell is Nokia Doing?

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Abhishek Nama

Journeyman
Look at it from a financial point of view. I think they made a good decision here. Quite clever as well. They got the money and they can still continue working there on a long lease- and it's not expensive.
 

Hrishi

******************
THis will buy them few more minutes in the market , hopefully. I hope they utilize it well.
 

Kirtu Jindal

Broken In
^^
Have to agree - this a temporary relief a best - selling of capital asset will never make up for revenue losses. They need more innovations like the Lumia - maybe then, in a few years, they can stem the rot.
 

Flash

Lost in speed
Either they're concentrating more either on "High-end" or on "Low-end".
The major market lies in the MIDDLE.
 

Flash

Lost in speed
But, we should give a chance for WP too.
With iOS & Android, people will eventually get bored/

It will be like BJP & Congress in a nation!
 

sukesh1090

Adam young
the only person who can save them in this world is android because i don't think they are as clever as apple to file lame patents to make money.
 
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