Summary Nokia will lease its head office building for 222 million dollars.
HELSINKI: Finnish mobile phone maker Nokia, which faces cash-flow problems, said on Tuesday it had agreed to sell and lease back its head office building outside Helsinki for 170 million euros ($222 million).
"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 s chief financial officer, Timo Ihamuotila, said in a statement.
"We are naturally continuing to operate in our head office building on a long-term basis," he added.
The troubled group, once a dominant force in the global market for handsets, recently posted its sixth quarterly loss in a row, burning through cash as it proceeds with a vast restructuring programme.
In October, the company said it was looking to sell its head office building, named "Nokia House".
The glass-and-steel waterfront structure was built in the town of Espoo in the 1990s, during the boom years for the telecom industry when Nokia become the world s biggest mobile phone maker.
The building has been sold to Finnish real estate company Exilion in a transaction to be completed by the end of the year, Nokia said.
