updated 11:28 am EDT, Wed October 3, 2012
Would seek to rent building back if sold
Nokia is looking to sell its headquarters. According to Reuters, the phone manufacturer wants to "dispose of non-core assets," which includes the Nokia House headquarters in Espoo, Finland. A spokeswoman said the company is "evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters."
Nokia House is a large building with a seaside location, made of a combination of glass and steel. It's estimated to be worth 200 to 300 million euros ($259-388 million), and would certainly go some way towards its current financial issues. Although the company could end up selling the property, it has expressed an interest in doing so if it could lease the building back.
Last month, Ericsson expressed an interest in purchasing the business support systems of Nokia, which could sell for around $377 million. In July, it closed its last Finnish manufacturing plant in Salo, and is still conducting its plan to cut 17,000 jobs by 2013. It has been estimated that without drastic action, Nokia will burn through its cash reserves by the end of 2013. Fitch Ratings has already downgraded shares in the company to "junk" status, believing it unable to reverse the financial decline.