Nokia sells HQ for £138 million


The company announced today that it will sell its head office in Finland to Exilion and lease it back

Nokia is selling its head office to software consulting company Exilion for €170 million (£138 million).

It will lease back the building, located in Finland, on a long-term basis and expects to complete the sale by the end of 2012.

Nokia has cut 10,000 jobs this year as part of its plans to streamline the company’s operations and save €1.6 billion (£1.3 billion) by the end of 2013.

Nokia CFO Timo Ihamuotila 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.”