“Owning real estate is not part of Nokia’s core business”
Nokia may be riding a tidal wave of happiness that is the Lumia 920, but it still appears to be having a bit of a financial meltdown. According to Engadget, Nokia sold off it’s Finland headquarters for a cool $222 million to another company Exilion. While the sale will only be completed by the end of this year, Nokia have signed a lease to remain in the building as a principal tenant.
In a press release sent out yesterday, Nokia’s CFO Timo Ihamuotila said that the sale was made purely because the company wasn’t interested in owning property. “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.”