Nokia to sell head office building

Finnish handset maker Nokia said it will sell its head office building in Espoo to real estate investment firm Exilion for euro 170 million as the cellphone maker continues to cut costs. “Nokia has agreed to sell and lease back its head office building in Espoo on a long-term lease to Finland-based Exilion. The selling price is euro 170 million,” Nokia said in a statement on Tuesday. The sale is expected to be completed by the end of this year, it added. “As we have said before, owning real estate is not part of Nokia's core business and when good opportunities arise we are willing to exit these types of non-core assets,” Nokia CFO Timo Ihamuotila said. Nokia has been operating in the building since 1997.