Nokia to sell and lease back Espoo HQ

Nokia has now officially announced that it will sell off its Espoo, Finland based head office (aka “Nokia House”) to Finland-based Exilion, and rent it back on a long term lease. The selling price is €170 million for the 48,000 meter-square building, and is expected to be finalized by the end of 2012.
Press Release:
Nokia to sell and lease back head office building

Espoo, Finland – 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.

Note to editors: Nokia has operated in the building since 1997. The 48,000 m2 building, designed by architect Pekka Helin, is located in Keilaniemi, Espoo, Finland.