Nokia sells another Finnish campus to raise cash

Nokia Office Sale

As Nokia (NOK) continues to seek ways to decrease spending and increase profits, the troubled mobile vendor has decided to sell another one of its offices. According to a filing with the Finnish Stock Exchange, the company has sold its Peltola campus, which is located in the Finnish city of Oulu, to domestic business space provider Technopolis for €30.5 million, or roughly $40.8 million. Under the terms of the agreement, Nokia will remain on a small portion of the property under a long-term lease.

“As we have said, we are focusing on our core business and evaluating the sale of non-core assets like real estate,” said Juha Olkinuora, a vice president at Nokia. “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.”

Last March, Nokia sold its New York headquarters after only six years of occupation and for half of its purchase price. Despite increased sales in North America, the company continues to struggle and has failed to make even the slightest dent in Android and iOS’s lead in the smartphone market.

Via:
The Next Web
Source:
Nasdaq
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