Nokia may sell Finnish global headquarters building

3 Oct 2012

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Nokia House, Nokia's global headquarters in Espoo, Finland

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Smartphone maker Nokia may sell its global headquarters, Nokia House, in Espoo, Finland, for up to €300m, Finnish-language Helsingen Sanomat has reported.

A spokesperson for Nokia, which has been scaling back operations to cut €1.5bn (US$2bn) in costs by the end of next year, confirmed to TechCrunch that the company is considering the sale, but it may lease back the same building. Nokia does not plan to leave Finland in the process.

 “As with most companies whose core business is not in owning real estate, it makes common business sense not to tie assets in real-estate property but rather invest and focus in its core operations,” the spokesperson said.

Steps Nokia has taken to return to profitability include cutting 10,000 jobs and closing facilities in Finland, Canada and Germany.

In July, the company reported a €826m (US$1bn) operating loss for the second quarter.

Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com