Following the move by Japanese electronics manufacturers to buy buildings, Nokia, the former mobile giant, will also sell and lease its Finnish headquarters building at the end of this month. Nokia Chief Financial Officer Timo Ihamuotila said that the company will sell Finland's Espoo headquarters building to Exilion, a software consulting firm, for 170 million euros, and then rent it back at a low price.
In the past year, Nokia was in a difficult position. It faced fierce competition from Apple and Samsung.
Ihamuotila said that this is to reduce expenses, but he said that Nokia has not planned to move its headquarters in the short term. He said: "Owning real estate is not Nokia's core business. When the opportunity improves, we are willing to withdraw these non-core assets." Nokia announced the layoff of 10,000 people this year and reorganized the company's business, expecting to save 1.6 billion euros in costs by the end of 2013. In the third quarter, Nokia lost 576 million euros.
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