Nokia has received $220 million by selling their central headquarters building in Finland. Nokia will continue operating from the building based on a new long-term lease rather than being the owner altogether. Finland-based Exilion paid 170 million euros for Nokia’s offices and this was below earlier estimates of what Nokia could raise from the sale. Perhaps Nokia has favorable lease terms.
Nokia CFO Timo Ihamuotila stated:
“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.”