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Posted December 4, 2012 by Raghav in Breaking
 
 

Official: Nokia to sell and lease back of Nokia House

For a while, there had been speaks that Nokia is selling its Head Office in Espoo, Finland and to lease it back. It is Official now. Nokia has just announced that it has agreed to sell its head office building fondly named “Nokia House” and lease it back on a long-term basis.

Nokia House has been raised in early 1997 and is a 48,000 sq.m building hosting more than 1000 Nokia employees. The head office building has been sold to Finnish based company Exilion for 170 million Euro.

PRESS RELEASE:

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.

Note to editors: Nokia has operated in the building since 1997. The 48,000 m2 building, designed by architect Pekka Helin, is located in Keilaniemi, Espoo, Finland.

 

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Raghav