Struggling mobile stalwart Nokia is selling its Finnish headquarters for US$223 million in a bid to raise much needed revenue.
A statement from the iconic company said it expected to complete the sale of its 15-year home to Finland-based property agents Exilion by the end of the month and will lease back the premises immediately.
Timo Ihamuotila, Chief Finance Officer of Nokia, said: “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.”
Nokia is currently in the process of launching its latest devices, the Lumia 920 and Lumia 820, across Africa. While the brand remains popular on the continent, it is facing increasing competition from Samsung and Apple.
It has announced 10,000 job cuts and aims to save billions by the end of next year.
HumanIPO reported last week Nokia had lost its Imaging Chief, Damian Dinning, because he did not want to relocate to the company’s original home in Finland.
