Feeds

Cash in the asset: Nokia may flog global headquarters in Espoo

As it tries to escape its economic poo

Remote control for virtualized desktops

Nokia is planning to sell off its global headquarters in Espoo, Finland, to plug its $1.8bn financial losses.

The mobile biz's chief financial officer Timo Ihamuotila told the Finnish daily Helsingin Sanomat that his fellow execs are investigating flogging the glass-and-metal Nokia House HQ, which was built in the 1990s. The company, which posted a €1.41bn (£1.1bn) loss in the last quarter, is finding ways to squeeze cash from its non-core assets.

"Investigations have involved the sale of the head office," Ihamuotila told reporters.

Nokia house, credit Google Street View

Nokia House. Credit: Google Street View

However Nokia won't be moving out of Espoo, stressed the company's top brass - bosses intend to sell the building and rent it from the new owners.

Nokia is not the only tech manufacturer to put its head office on the line as the market toughens: Sharp has also been pushed to put up its headquarters and several factories as security against mounting debts.

The Finnish newspaper Ilta-Sanomat said, without citing sources, that Nokia's building is worth between €200m and €300m. A Nokia spokesperson added: "We said during our Q2 results in July that we’re re-evaluating all non-core operations, including real estate. That said, we don’t have any plans to move our headquarters." ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
How to simplify SSL certificate management
Simple steps to take control of SSL certificates across the enterprise, and recommendations centralizing certificate management throughout their lifecycle.