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Nokia is selling its head office and then leasing it back

Fifteen years after moving in, Nokia has agreed to sell its head office building in the Finnish city of Espoo to property management company Exilion. The building, which was designed by architect Pekka Helin, is being sold for 170 million Euro (£138 million). Nokia will then occupy the HQ building on a long-term lease.

Timo Ihamuotila, Nokia’s Chief Financial Officer, said “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.”

The sale is expected to be completed by the end of this month.

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Author: The Fonecast
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