SAN FRANCISCO— Finnish mobile phone vendor Nokia Corp. said Tuesday (Dec. 4) it plans to sell its headquarters in Espoo, Finland, to a real estate investment firm for 170 million euro (about $223 million).
Nokia said it plans to lease the office building from the real estate investment firm, Finland-based Exilion Capital Ltd., on a long-term basis. Nokia said it expects to complete the sale by the end of 2012.
"We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome," said Timo Ihamuotila, Nokia's chief financial officer. "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."
I bet Nokia is counting down! .... maybe its time to buy a Nokia phone and keep it for a good memory of this revolutionary company once in our history! Show to our grand grand son that this brand was once the best phone (if phone is still the name for communication by then).
This is one temp way to make the quarterly balance sheet look good. Apart from that I don't see any long term advantage. Putting ones house on the block shows how bad things have gotten for them. Nokia withering away at the seams and probably a pvt equity takeover candidate in the next two years.
Big corporations sell their building in bad times always arguing that they are not in the real-estate business...didn't they realize that when they were buying these buildings in the first place?...and why sell the only profitable part of your business? ;-)...Kris
Oh how the mighty fall! Everything including the kitchen sink it seems. I agree with HS_SemiPro. VoLTE (or not as the case may be) is the crowning example of just how far the industry has gone away from the telephone.
David Patterson, known for his pioneering research that led to RAID, clusters and more, is part of a team at UC Berkeley that recently made its RISC-V processor architecture an open source hardware offering. We talk with Patterson and one of his colleagues behind the effort about the opportunities they see, what new kinds of designs they hope to enable and what it means for today’s commercial processor giants such as Intel, ARM and Imagination Technologies.