Nokia signs a deal to sell headquarters for $ 222 million

04 Dec, 2012



Nokia announced this morning that it sold its headquarters in Finland as part of ongoing efforts to raise its liquidity. The Nokia House sold for $ 221,9 million (they couldn’t round it off to 222?). The company says that it will need to continue to sell “non core assets” as opportunities arise.

Timo Ihamuotila, Nokia CFO states in a press release: “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.”

Nokia has operated in the building since 1997. The 48,000 m2 building, designed by architect Pekka Helin, is located in Keilaniemi, Espoo, Finland. Of course, said Ihamuotila, Nokia is not moving out of the building, it’s a sale and lease back operation: “We are naturally continuing to operate in our head office building on a long-term basis.”

In its 2012 Q3 call with analysts, Nokia management had already indicated how important cash was:

cash management remains a priority for our team. We were pleased to complete the sale of Vertu since the end of Q3, and we will continue dispose of non-core assets. Additionally, we are moving our organization through our restructuring faster than we expected.”

Revisions: updated with quote from Nokia CFO

via SeekingAlpha, Nokia

Photo: Jpk, creative commons

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Raf Weverbergh

Editor of whiteboard. Raf Weverbergh was a magazine journalist whose work appeared in magazines like Rolling Stone, Playboy, Mail on Sunday, Publico and South China Morning Post. He is the co-founder of FINN, a corporate communications agency where he advises startups and multinationals on their PR and Mustr, the easiest media database for PR professionals. You can contact him on Twitter, Linkedin or Skype (rafweverbergh).

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