Nokia selling its headquarters for bonus fundage, but not moving out

Nokia selling its headquarters for bonus fundage, but not moving outAiling Finnish manufacturer Nokia appears to be considering anything and everything in an attempt to raise cash.

We recently heard about Nokia’s €750 million bond scheme, and now we’re hearing that Noks is selling its semi-famous Espoo headquarters, though it’ll still hang out there as a long-term tenant.

Nokia has decided that being on the property ladder isn’t high on its list of priorities, so instead it’ll play the rental game.

CFO Timo Ihamuotila took to the carpark with a megaphone to yell: "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."

Team Elop expects to complete the sale before the end of the year. Interested? Nokia's Espoo headquarters will set you back a cool €170 million.

Exciting stuff. We’re currently investigating rumours (made up by me) that CEO Stephen Elop has agreed to sell his car on the Finnish equivalent of Gumtree in order to raise additional funds.

via: Nokia press release

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Stelph  Dec. 4, 2012 at 15:13

That is a really bad long term plan, yes it frees up cash in the short term but would cost a hell of a lot more in the long term, Nokia must really be beginning to struggle :(

JanSt / MOD  Dec. 4, 2012 at 15:41

I'm pretty sure Elop is NOT losing a single cent.
His 2012 bonus can buy him a car with a garage and a house and parish...

Pondlife  Dec. 4, 2012 at 15:51

Still it's a really good time to sell property what with the current property price boom. Oh hang on...


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