Nokia Headquarters Could Go Up For Sale, Fetch $260 Million
Nokia used to lead the cellular market with billions of dollars in sales; now the famed mobile phone maker is thinking of selling its Espoo, Finland world headquarters. The sale, which would help Nokia dispose of “non-core assets,” could fetch upwards of $260 million to $388 million.
According to a Nokia spokeswoman, the company is “evaluating different options for non-core parts such as real estate holdings, and that includes the headquarters.”
The Nokia House as it is known is a large building with a premium seaside location. The headquarters is constructed with a mixture of glass and steel and is capable of housing thousands of workers.
While Nokia is interested in potentially selling the property, sources say it wants to have the option to lease back the facility from the new owner so it can continue business as usual.
The smartphone manufacturer’s ties to Finland have been largely severed; in July, the company closed its last standing Finnish manufacturing plant in Salo, Finland. The cellular manufacturer is also in the midst of shuttering 17,000 jobs by 2013.
Without earning as much cash as possible, Nokia will run through its cash reserves by the end of 2013.
Nokia is also attempting to sell its business support systems to Ericsson for $377 million.
Nokia stock has been downgrade to “junk” status because of its horrid financial decline.
If Windows 8 phones don’t turn around, the company’s fortunes we could find Nokia shifting its attention more to the software side of the business. Nokia recently signed a Nokia Maps partnership with Oracle.