Nokia may sell Espoo headquarters, but it's not moving

Nokia says it’s considering a sale of its headquarters located in Espoo, Finland. “We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters”, a company spokesperson told Reuters. The news was first reported by Finnish newspaper Helsingin Sanomat.

The headquarters building, named The Nokia House, is estimated to be valued at €200-300 million, according to Finnish newspaper Ilta-Sanomat.

However, a sale of the building would not mean that Nokia is moving its headquarters elsewhere. “Divesting real estate is an entirely different thing compared to the location of the headquarters. As we have said many times before, we have no plans to move our headquarters”, a spokesperson told TechCrunch.

In case of a sale, Nokia would likely lease the building back, as The Verge points out. While it’s easy to speculate about Nokia’s dire financial situation, so-called leasebacks are not at all uncommon, especially since they often come with significant tax advantages.

Source: Helsingin Sanomat, Ilta-Sanomat, Reuters, also see TechCrunch, The Verge