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."
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.
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
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.
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).