Nokia No Longer Owns Nokia House! Sold it and is Now Leasing it

Miscellaneous

In what seems to be a parallel universe but isn’t…Nokia has officially sold Nokia House (Nokia’s World HQ in Finland) for a sum of $222 million dollars to another Finnish company, Exilion. No worries though Nokia is not moving out of Nokia House it a “long term tenant” according to the terms of the sale. Since I don’t have all my thoughts on this transaction together yet I will simply post PR statement and do a post on my personal thoughts at a later date.

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.

 

VIA