Thursday, December 6, 2012

Nokia Sells Espoo HQ for EUR 170 Million, Leases Back

Nokia will sell its headquarters in Espoo, Finland to Exilion, a local real estate management trust, for EUR 170 million.  Nokia will then lease back the building on a long-term basis.  The 48,000 m2 building has been Nokia's head office since 1997.

"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.

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