Nokia sells more real estate to raise cash

Nokia sells more real estate to raise cash
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.


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

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25 Comments

1. Johnnokia

Posts: 1158; Member since: May 27, 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 ..

10. aneelamdani

Posts: 20; Member since: Apr 16, 2012

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

19. rusticguy

Posts: 2828; Member since: Aug 11, 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 :)

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

3. Kal-el

Posts: 96; Member since: Dec 14, 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.

4. wendygarett unregistered

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

5. ChiX017

Posts: 308; Member since: Nov 09, 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!

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

6. MC1123

Posts: 1256; Member since: Nov 12, 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!

8. irwan92

Posts: 49; Member since: Feb 12, 2013

nokia will rise again

16. faisolbauuz

Posts: 121; Member since: Jan 05, 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

17. nikenturd unregistered

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

20. rusticguy

Posts: 2828; Member since: Aug 11, 2012

maybe once it is renamed as MicroKia.

9. dilse

Posts: 25; Member since: Aug 24, 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

13. aneelamdani

Posts: 20; Member since: Apr 16, 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

11. BigBoss10

Posts: 279; Member since: Aug 31, 2012

R.I.P Nokia lol :D

15. Bappy

Posts: 25; Member since: Oct 29, 2012

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

26. BigBoss10

Posts: 279; Member since: Aug 31, 2012

BigDouche my A S S

12. jcpwn2004

Posts: 314; Member since: Jan 18, 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.

14. Stoli89

Posts: 333; Member since: Jun 28, 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.

18. rusticguy

Posts: 2828; Member since: Aug 11, 2012

not a good sign.

22. yazbuh

Posts: 29; Member since: Jun 21, 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.......

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

24. jroc74

Posts: 6023; Member since: Dec 30, 2010

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

25. jroc74

Posts: 6023; Member since: Dec 30, 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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