Nokia is selling its headquarters in Finland for 170 million euros (222 million dollars), the struggling mobile phone maker said on Tuesday.
The property is located in the city of Espoo, near Finland’s capital Helsinki. Nokia has operated there since 1997.
“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 chief financial officer Timo Ihamuotila said.
Selling off property was mentioned earlier this year as part of cost-cutting measures and means to raise cash.
The phone maker has racked up big losses as sales have tumbled, not least in the high-end mobile phone sector against rival platforms such as Android and Apple. A year ago, Nokia signed an agreement with software company Microsoft to use its Windows operating system in a bid to regain its dominant role.
Nokia said it had signed a long-term lease with Finland-based Exilion, which manages real estate for several pension firms, and now expects the deal to be completed by the end of the year.
Other companies in Finland, such as paper and forestry products groups UPM and Stora Enso, have also sold their corporate headquarters and opted to rent instead.