Nokia selling Espoo headquarters to raise cash, but won't be moving out

116

Nokia is about to add roughly $220 million to its balance sheet through the sale of its central HQ building in Espoo, Finland. The company will continue to operate within the premises as previously, but it'll be on the basis of a new long-term lease, rather than as the outright owner.

The 170 million euro paid for Nokia's offices by Finland-based Exilion is below earlier estimates for how much Nokia could raise from the sale. Still, the lower price could be tied to a sweeter deal on the lease that Nokia has prearranged in order to remain in its home for the long term. The sale is expected to be concluded before the end of this year. In explaining the move, Nokia's CFO Timo Ihamuotila had the following to say:

"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."

More from The Verge

Back to top ^
X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new Verge username and password

As part of the new Verge launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to Verge going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new Verge username and password

As part of the new Verge launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to Verge going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.
Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_5345_tracker