Nokia selling Espoo HQ, leasing it back

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Nokia said in early October this year that the company was investigating selling their headquarters in Espoo, Finland. The phone manufacturer has now confirmed that a sale is in progress to Exilion Capital, a company based in Finland.

The sale is expected to be completed by the end of this year, according to Nokia, and the headquarters will be sold for €170 million. This is below the estimated €200 to €300 million that the property was apparently valued at. Nokia will be signing a long-term lease for the premises with Exilion so they won’t be going anywhere any time soon.

Nokia CFO Timo Ihamuotila said in a statement “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.”

Source: Tech Crunch

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