Nokia to sell & lease back its head office building in Finland for € 170 million
The sale of the building will be completed by the end for 2012 and Nokia will be adding €170 million to its balance sheet from this sale. Nokia has operated in the 48,000 m2 building since 1997 and it was designed by architect Pekka Helin.
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.