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Nokia Selling its Finland HQ to Raise Cash

Alex Spencer

Nokia is selling its headquarters in Espoo, Finland, for €170m, in order to raise some extra capital. The manufacturer will continue to operate out of the building, which has been its HQ since 1997, but on a rental basis from Finnish investment company Exilion.

Nokia says it expects the sale to complete by the end of the year.

“We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome,” said Nokia CFO Timo Ihamuotila. “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.”

Nokia's finances haven't been the strongest of late, as it has struggled to assert itself in the crowded smartphone market – the company posted an operating loss of €576m (£468m) in Q3, 2012, and announced it would “carefully manage [its] financial resources” going forward.