Finnish mobile phone maker Nokia, which faces cash-flow problems, said
on Tuesday it had agreed to sell and lease back its head office building
outside Helsinki for 170 million euros ($222 million).
estate is not part of Nokia's core business and when good opportunities
arise we are willing to exit these types of non-core assets," Nokia's
chief financial officer, Timo Ihamuotila, said in a statement.
"We are naturally continuing to operate in our head office building on a long-term basis," he added.
troubled group, once a dominant force in the global market for
handsets, recently posted its sixth quarterly loss in a row, burning
through cash as it proceeds with a vast restructuring programme.
In October, the company said it was looking to sell its head office building, named "Nokia House".
glass-and-steel waterfront structure was built in the town of Espoo in
the 1990s, during the boom years for the telecom industry when Nokia
become the world's biggest mobile phone maker.
The building has
been sold to Finnish real estate company Exilion in a transaction to be
completed by the end of the year, Nokia said.