Former mobile phone giant Nokia announced it has sold its Espoo, Finland headquarters to Exilion for 170 million euro under a sell and lease back deal that will give the company some more financial breathing room:
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.