Nokia Mulls Selling Headquarters to Get Cash

Nokia Considers to Sell Off Nokia House

by Anton Shilov
10/03/2012 | 12:57 PM

Nokia Corp., which has been losing money seriously in the recent quarters, is mulling to sell its headquarters, the Nokia House, and get rid of other non-core assets to improve its cash position, the company said on Wednesday. The firm is going to get up to $388 million for the group of buildings.


"We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters," Maija Taimi, a spokeswoman for once the largest maker of mobile phones, told Reuters news-agency.

In the last one and half years Nokia laid off tens of thousands of employees, closed-down manufacturing facilities, which once helped the company to become the dominating force on the market of cell phones, and cancelled development of many projects. With this on the background, the company announced plans to sell-off certain assets. As it appears, the legendary group of buildings in Espoo, Finland, is not a core-asset anymore.

The glass and steel Nokia House building by the Gulf of Finland, which was constructed in 1995 - 2000, is valued at €200 - €300 million ($259-$388 million), according to a report by Finnish newspaper Iltasanomat. The building is a workplace for thousands of Nokia employees.