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Nokia sells more real estate to raise cash

Posted: , by Alan F.

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Nokia sells more real estate to raise cash
The Nokia sign gets taken down off another building

The Nokia sign gets taken down off another building

Last December, in order to raise some cash, Nokia sold its Headquarters in Espoo for 170 million EUR or $222 million USD. But Nokia didn't depart the facility, it leased it back from the new owners. Earlier in March, it had sold its New York Headquarters. What brings this up is the news that the Finnish based handset manufacturer did some more pruning of its real estate portfolio.

On Tuesday, Nokia told the Finnish Stock Exchange that it had sold its Peltola campus for 30.5 million EUR ($40.8 million USD). The buyer was a company called Technopolis which provides business space in the country. 37,600sqm of the campus is rentable space. Nokia will lease back a small portion of the building.

"As we have said, we are focusing on our core business and evaluating the sale of non-core assets like real estate. Nokia and Technopolis have collaborated in Oulu for more than 20 years, so they are a natural partner for us. We will continue our operations at the campus as before.-Juha Olkinuora, VP, Nokia

Despite some success with its current top of the line Nokia Lumia 920, the company remains an also-ran in the global smartphone industry. The one time leader in the global smartphone market, Nokia is expected to soon introduce a new high-end Windows Phone model with a camera sensor similar to the 42MP one that adorns the Nokia 808 PureView.

source: GlobalNewsWire via BGR

26 Comments
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posted on 12 Feb 2013, 23:32 3

1. Johnnokia (Posts: 465; Member since: 27 May 2012)


Damn Elop.... Why the share holders are keeping him as a CEO till now ?????
Nokia is the best phone maufacturer ever and it is extremly sad to see it collapsing

Any way, I have a strong feeling that Nokia will come back, But when ?

Just fire Elop, Please ..

posted on 13 Feb 2013, 00:52 7

10. aneelamdani (Posts: 20; Member since: 16 Apr 2012)


get some classes on financial analysis and then you might understand why he isn't fired as yet

posted on 13 Feb 2013, 06:20

19. rusticguy (Posts: 2820; Member since: 11 Aug 2012)


He is not fired as Nokia is a shell company of M$ and Elop was planted by M$. All those theories of management and finance fail when it comes to ulterior motives :)

posted on 12 Feb 2013, 23:34 3

2. nikenturd (unregistered)


Yet their faith on the Windows platform seem stronger than ever..oh wow...give it up Nokia...you have comitted the blunder of the century , you had a good run tho

posted on 13 Feb 2013, 00:03 1

3. Kal-el (Posts: 91; Member since: 14 Dec 2012)


Does windows have fully rights over nokia?.... I dunno....if not why can't they make both windows and Android....HTC has both windows and android....nokia build and camera lens plus androids OS would equal a phone that would ideally destroy the competition....everyone can see that ....this CEO is an idiot.

posted on 13 Feb 2013, 00:06 4

4. wendygarett (unregistered)


Funny, a lot of investors wanna sack Stephen elop but now they remain silent? They finally agree every elop action? Lol

posted on 13 Feb 2013, 00:12 7

5. ChiX017 (Posts: 308; Member since: 09 Nov 2011)


Its a business, their forecast were going to be way worst. This is the best option for them with so much asset's they would raise a lot of money, as they finally recorded profit in a long time. Everyone things producing for Android would be better, i'm sure they don't know how difficult for Nokia to establish enough market share to even make profit in the crowded andriod market. Reason people, Elop is doing the right thing!

posted on 13 Feb 2013, 00:23

7. wendygarett (unregistered)


Elop MUST do the right thing!!! Otherwise reputation spoilt, sacked by Nokia, and unemployed forever... And I don't think ms will hire him back, since he's the one who quit ms for no reason

posted on 13 Feb 2013, 00:17 3

6. MC1123 (Posts: 1229; Member since: 12 Nov 2012)


so i guess nokia is suffering more than BlackBerry....

im sad for nokia!! i hope they now realize that WP isnt really the answer! i mean nokia is the real leader in innovation in the smartphone world! and symbian is the very first smartphone OS and also meego/maemo is the first mobile computing OS(remember maemo can run full linux apps on a phonesize, just like what ubuntu is planning to do)! so i still hope that they can keep the OS both!!! nokia can go on computers anytime with MeeGo/Maemo OS and support symbian coz belle fp2 really catch up with competition!!

but then again, ELOP is there! this is still a fantasy!

posted on 13 Feb 2013, 00:35 3

8. irwan92 (Posts: 9; Member since: 12 Feb 2013)


nokia will rise again

posted on 13 Feb 2013, 02:18 1

16. faisolbauuz (Posts: 121; Member since: 05 Jan 2013)


But the question is when ? Its already too late for nokia to make android phones they should make it since 2011 and they killed the meego os they already failed to conquer marketshare with wp7 and they still makes one for wp8 which still too young compared to android or ios and now there is BB 10 which is quite promising

posted on 13 Feb 2013, 02:34 3

17. nikenturd (unregistered)


nobody wants a Windows phone because it sucks...comparable Android handsets will always be a notch better

posted on 13 Feb 2013, 06:21

20. rusticguy (Posts: 2820; Member since: 11 Aug 2012)


maybe once it is renamed as MicroKia.

posted on 13 Feb 2013, 00:38 3

9. dilse (Posts: 24; Member since: 24 Aug 2012)


Nokia supports microsoft because they get some million dollars from microsoft which helps the company to run...
In favour of few million dollars, nokia lost billion dollars

posted on 13 Feb 2013, 00:54 4

13. aneelamdani (Posts: 20; Member since: 16 Apr 2012)


its not some, its actually a billion dollar in marketing, which helps nokia save their existing cash for other operations. I don't know why people bash at elop, check the ground realities, and come out of the android land

posted on 13 Feb 2013, 00:53 1

11. BigBoss10 (Posts: 214; Member since: 31 Aug 2012)


R.I.P Nokia lol :D

posted on 13 Feb 2013, 02:07 5

15. Bappy (Posts: 25; Member since: 29 Oct 2012)


You sir, should change your name from "Bigboss" to "BigDouche"

posted on 13 Feb 2013, 12:32

26. BigBoss10 (Posts: 214; Member since: 31 Aug 2012)


BigDouche my A S S

posted on 13 Feb 2013, 00:54 1

12. jcpwn2004 (Posts: 314; Member since: 18 Jan 2012)


I still don't understand why they couldn't have developed windows phone but had a few engineers make a stock android phone. People like choices.

Even making a phone with meego would have been nice.

posted on 13 Feb 2013, 01:00 6

14. Stoli89 (Posts: 333; Member since: 28 Jun 2010)


This is not really news, since Nokia has repeatedly stated its ongoing policy to divest non core assets on its balance sheet. If the real estate market can support a good sale price, with the option for Nokia to lease back an optimal amount of space,.all the better. It simply frees up cash for other activities.

Looks to me like the CFO is doing his job.

posted on 13 Feb 2013, 06:15 1

18. rusticguy (Posts: 2820; Member since: 11 Aug 2012)


not a good sign.

posted on 13 Feb 2013, 07:29

21. lyndon420 (Posts: 1688; Member since: 11 Jul 2012)


How's the partnership with ms treating you these days?

posted on 13 Feb 2013, 07:56

22. yazbuh (Posts: 26; Member since: 21 Jun 2012)


They don't realize it but Elop is a parasite that slowly killing nokia, he is just making it slowly but surely... Damn him.......

posted on 13 Feb 2013, 08:01 1

23. papss (unregistered)


Oh boy the retards are out in full force this morning.. Are we going with doom and gloom again? You are all like a pull string toy with the same comments. This means little so stop thinking its the end for them....also WP8 most certainly doesn't suck.. Keep you myspace OS and I'll keep buying all. Reason you don't like WP8 is because you are scared that it might one day overtake your s**t Linux based os

posted on 13 Feb 2013, 10:56

24. jroc74 (Posts: 4720; Member since: 30 Dec 2010)


Fight fire with fire...I mean fanboyism with fanboyism, huh?

posted on 13 Feb 2013, 10:57 1

25. jroc74 (Posts: 4720; Member since: 30 Dec 2010)


Anyway....I dont think this means the company is going bankrupt or out of business. They just making some real estate moves.

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