12/4/2012 11:44:48 AM
Nokia sells Finnish headquarters
Nokia's asset sale has continued with the manufacturer agreeing to sell and lease back its Finland head office for Eu170m.
Finnish private equity firm Exilion has bought the 48,000 square metre building, which has been Nokia's home since 1997. The manufacturer has been selling non-essential assets as it bids to raise cash amid heavy losses. In October, it sold its luxury phone arm Vertu to a private equity firm.
Timo Ihamuotila, chief financial officer at Nokia, 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.'
Editor: Graeme Neill