Latest in Espoo

Image credit:

Nokia sells its Espoo, Finland HQ for $222 million, will stay on as tenant

Steve Dent, @stevetdent
December 4, 2012
Share
Tweet
Share

Sponsored Links

As promised, Nokia has sold its Espoo, Finland headquarters to another Finnish company, Exilion, and signed a long-term lease to stay on as principal tenant. The handset maker reported that the property, dubbed Nokia House, went for 170 million euros ($222 million) and that the sale of the 48,000 square meter (517,000 square feet) property would be completed by the end of the year. Nokia reportedly made the deal to help stem the flow from its recent poor financial performance, but will at least get to stay on in the building it's occupied since 1997. Check the PR after the break for more info.

Show full PR text

Nokia to sell and lease back head office building

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.

About Nokia
Nokia is a global leader in mobile communications whose products have become an integral part of the lives of people around the world. Every day, more than 1.3 billion people use their Nokia to capture and share experiences, access information, find their way or simply to speak to one another. Nokia's technological and design innovations have made its brand one of the most recognized in the world. For more information, visit http://www.nokia.com/about-nokia.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

Presenting the Best of CES 2021 winners!

Presenting the Best of CES 2021 winners!

View
Canon made a site that lets you 'take photos' from a real satellite

Canon made a site that lets you 'take photos' from a real satellite

View
NASA's Orion spacecraft is ready to fly to the Moon

NASA's Orion spacecraft is ready to fly to the Moon

View
Apple is reportedly working on a major redesign for the iMac

Apple is reportedly working on a major redesign for the iMac

View
WhatsApp postpones new privacy policy amid ‘confusion’

WhatsApp postpones new privacy policy amid ‘confusion’

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr