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Nokia may sell its Helsinki head office

11 Oct 2012

HELSINKI - Struggling Finnish mobile phone manufacturer Nokia might sell its headquarters on the outskirts of Helsinki, a senior company official said on Wednesday.

"We are exploring different options for our property assets. This includes a possible sale of our headquarters," Nokia's financial director Timo Ihamuotila told the Finnish daily Helsingin Sanomat.

"However we have no plans to move our head office," he added.

The sale of property by a company, which then rents the same assets from the buyer, is a well-established strategy used by companies needing to raise cash.

Nokia, once the leader in mobile phones, has been losing market share as consumers move to smartphones powered by Apple's iOS or Google's Android operating system.

It has tied its future to Microsoft's Windows Phone operating system, but has yet to produce a new phone that is a major hit with consumers.

The company, in the midst of a major restructuring plan, posted a net loss of €1.4bn in the second quarter of this year, but had a cash pile of more than €4bn. The company built its steel and glass Nokia House head office in the coastal suburb of Epsoo in the 1990s when it was enjoying spectacular growth.

The Finnish daily Ilta-Sanomat said, without citing sources, that the building is worth between €200m and €300m.

Source: AFP via I-NET Bridge

Source: I-Net Bridge

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