DailyTech - Nokia Looks to Sell Gleaming Finnish Headquarters

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Gadgets Nokia Looks to Sell Gleaming Finnish Headquarters
Jason Mick (Blog) - October 3, 2012 12:44 PM

14 comment(s) - last by tamalero.. on Oct 4 at 3:48 AM

Nokia HQ (Source: Reuters)

Move could generate cash, allow Nokia to shift its management closer to its American partners

Nokia Oyj. (HEX:NOK1V) has shown off some pretty slick looking Windows Phone 8 handsets (the Lumia 820/920) and sounds poised to aggressively bring them to a number of U.S. carriers. But the company is still in deep financial trouble, with smartphone sales at a fraction of the levels they were at during the Symbian heyday. And with serious Windows Phone 8 efforts from HTC Corp. (TPE:2498) and Samsung Electronics Comp., Ltd. (KSC:005930) Nokia is looking to get any advantage it can.

Amid its push to sell off certain assets to replenish its dwindling cash pile, the devicemaker is reportedly looking to sell its headquarters, which borders the Baltic Sea along a river which separates Helsinki and the town of Espoo. The building has three large sections, which are as high as 10-stories tall [source] and features a sleek, modern design of glass and steel [source].

Nokia spokeswoman Maija Taimi confirmed to Reuters, "We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters."

_{Nokia's headquarters building is for sale. [Image Source: Reuters/Benjamin Suomela/Lehtikuva]}

The headquarters is estimated to be worth 200-300M € ($259-388M USD).

The sale could be a bit of a catalyst for Nokia as it could mark a push by the company to move some of its design and management into new, more affordable locations in the U.S. That could help improve its synergies with close partner Microsoft Corp. (MSFT), maker of the Windows Phone operating system.

Source: Reuters