Nokia to sell and lease head office

Source:AFP Published: 2012-12-4 23:45:09

Finnish mobile phone maker Nokia, which faces cash-flow problems, said on Tuesday it had agreed to sell, then lease back, its head office building outside Helsinki for 170 million euros ($222 million).

"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," Nokia's Chief Financial Officer, Timo Ihamuotila, said in a statement.

"We are naturally continuing to operate in our head office building on a long-term basis," he added.

The troubled group, once a dominant force in the global market for handsets, recently posted its sixth quarterly loss in a row, burning through cash as it proceeds with a vast restructuring program.

In October, the company said it was looking to sell its head office building, named "Nokia House."

The glass-and-steel waterfront structure was built in the town of Espoo in the 1990s.

AFP

 



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