Nokia Sells and Then Leases Head Office Building in FinlandDecember 4, 2012 1 Comment
In a move to cut costs as they are not in the business of real estate. Nokia has sold their head office building in Finland and then leased in back in a long term deal.
Nokia has been operating in the 48,000m2 building since 1997. Nokia made EUR 170 million in the deal.
Aside from that, it is business as usual.
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.