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Nokia Sells More Real Estate, Says it Wants to Focus on Core Business

by Brandon Russell | February 14, 2013February 14, 2013 9:00 pm PDT


Nokia is further trimming excess fat so it can better focus on its core business, announcing on Tuesday that it sold more property in Oulu, Finland. Juha Olkinuora, Vice President of Nokia called real estate a “non-core asset,” which is why the company has been so eager to step back from owning property.

Late last year, Nokia sold its headquarters in Espoo, Finland, but actually remained on the premises as a tenant. For that endeavor, Nokia’s pockets became $220 million heavier; the property in Oulu got the company about $41 million. Just as before, Nokia said it will continue its operations on the campus.

“Owning real estate is not part of Nokia’s core business and when good opportunities arise we are willing to exit these type of non-core assets,” Nokia CFO Timo Ihamuolita said of last year’s deal.


Brandon Russell

Brandon Russell enjoys writing about technology and entertainment. When he's not watching Back to the Future, you can find him on a hike or watching...