To turn its fortunes around, Nokia has not only bet heavily on Windows Phone but has also made significant changes to the company itself. In its latest move, Nokia yesterday announced that it has agreed to sell its head ofice building in Espoo, Finland to Finland-based Exilion. At the same time, it will not move out as it has agreed to lease its facilities back.
“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.
The sale of its headquarters will net €170 million (about CA$221 million). The transaction is expected to close by the end of 2012.