Nokia Sells Espoo HQ For A Couple Hundred Million


It’s no secret that Nokia’s been struggling to turn around its sales figures, and despite releasing some very nice Windows Phone hardware, the company just hasn’t been doing the kind of business it might like to see. Tough times can mean looking to alternate source of income, and it looks like Nokia just found a big one, announcing that it’s sold the company’s Espoo, Finland headquarters.

Nokia expects to finish closing the deal by the end of the year, but that won’t be the end of its time in Espoo. Instead, Nokia will remain in its existing offices, but now as a tenant, rather than the landlord. By selling the building, the company will manage to see a quick influx of cash to the tune of about 220 million USD.

Even that much money won’t radically change Nokia’s course, but it could give the company some breathing room while we wait to see if Windows Phone ever manages to find the acceptance both Microsoft and Nokia have been banking on.

Nokia attempts to spin this move as a positive in its press release announcing the sale, noting that it was never the company’s intention to have a bunch of real estate holdings, and that it’s always looking for a good opportunity to unload some.

Source: Nokia
Via: Engadget

Share This Post
What's your reaction?
Love It
Like It
Want It
Had It
Hated It
About The Author
Stephen Schenck
Stephen has been writing about electronics since 2008, which only serves to frustrate him that he waited so long to combine his love of gadgets and his degree in writing. In his spare time, he collects console and arcade game hardware, is a motorcycle enthusiast, and enjoys trapping blue crabs. Stephen's first mobile device was a 624 MHz Dell Axim X30, which he's convinced is still a viable platform. Stephen longs for a market where phones are sold independently of service, and bandwidth is cheap and plentiful; he's not holding his breath. In the meantime, he devours smartphone news and tries to sort out the juicy bits Read more about Stephen Schenck!