Feeds

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

As it tries to escape its economic poo

Internet Security Threat Report 2014

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." ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
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?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.