Nokia sells head office to improve profitability
Source: Bloomberg News |
December 5, 2012, Wednesday
|
Print Edition
Print Edition
NOKIA Oyj, the struggling Finnish mobile-phone maker, agreed to sell and lease back its head office as it works to improve profitability by divesting assets.
Nokia agreed to sell the 48,000 square-meter building in Espoo, Finland, for 170 million euros (US$222 million) to Exilion Capital and start a long-term lease, it said in a statement yesterday. The company is focusing on winning back smartphone users from Google Inc's Android devices and Apple Inc's iPhones as it divests assets as part of a turnaround plan.
"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," Chief Financial Officer Timo Ihamuotila said. "We naturally continue to operate in our head office building on a long-term basis."
Nokia agreed to sell the 48,000 square-meter building in Espoo, Finland, for 170 million euros (US$222 million) to Exilion Capital and start a long-term lease, it said in a statement yesterday. The company is focusing on winning back smartphone users from Google Inc's Android devices and Apple Inc's iPhones as it divests assets as part of a turnaround plan.
"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," Chief Financial Officer Timo Ihamuotila said. "We naturally continue to operate in our head office building on a long-term basis."
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