Nokia mulls selling headquarters

The firm has been trying to improve finances through large job cuts and also looking to sell properties

Struggling cellphone maker Nokia is seeking to sell its headquarters in Espoo, Finland, as part of a drive to dispose of non-core assets.

“We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters,” spokeswoman Maija Taimi told Reuters.

The glass and steel building by the Baltic Sea is valued at Euro 200-300 million ($259-388 million), according to a report by Finnish newspaper Iltasanomat.

Nokia, which has been trying to improve its finances through large job cuts and other measures, told investors in July it was also looking to sell properties.

Founded in 1865 as a pulp and paper mill on the Nokia River, the company expanded into mobile phones in the 1980s and became Europe’s most valuable corporation at the height of the technology boom. But Nokia was slow to adapt as touchscreen smartphones became the real drivers of the mobile handset market, and its stock has plunged about 90 per cent since Apple introduced the iPhone in 2007.