GSM Insider - Nokia To Sell And Lease Back Head Office Building In Expoo
December 4th, 2012 - Nokia set to lay off another office building this time, and it is the HQ building located at Espoo, Finland. According to Reuters, Nokia agreed to sell off its head office in Espoo to another Finnish company Exilion. But continue to rent on the building in long term.
"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.
The whole deal is worth EUR $170 million and expected to complete by year end.
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