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back to article Cash in the asset: Nokia may flog global headquarters in Espoo

Nokia is planning to sell off its global headquarters in Espoo, Finland, to plug its $1.8bn financial losses. The mobile biz's chief financial officer Timo Ihamuotila told the Finnish daily Helsingin Sanomat that his fellow execs are investigating flogging the glass-and-metal Nokia House HQ, which was built in the 1990s. The …

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Anonymous Coward

Move out.

Having visited there a few years ago they could do worse a lot worse than move out. Large atriums surrounded by small often badly(wierdly) shaped offices and connected by long corridors. I also thought it was a bit dingy light wise, (but that's Finland for half the year anyway). Given the numbers working there they could probably get more individual working space in a better designed building of half the size.

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Meh

Re: Move out.

I can't imagine that there are a lot of other businesses in Espoo who could use a building like this. And of course Nokia have to live somewhere, in their current position building a new office (even a more efficient one) probably isn't viable.

I think Nokia are probably stuck with occupying it whether they own it or lease it.

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Re: Move out.

You'd be surprised, and the fact that it's a couple of interconnected buildings means slightly smaller tenants would be an option also.

Kone has their HQ next door IIRC, and there are a couple of other large Finnish companies in Espoo that could easily fill the space if they were so inclined.

I suspect the problem is more that companies are collectively trying to get OUT of buildings, rather than build new ones, so there may be a bit of a glut on the market. OTOH, they're building a metro station quite close by, so who knows...

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who will buy it?

Nokia clearly are in a bit of a pickle. So any potential buyer has to run the risk of there new tenants not being there long term. If Nokia cease, or do get Microsoft'ed, where are they going to find a new tennent that requires a global HQ in finland? I reckon this drops potential buyers to almost nil.

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Up next

The kitchen sink, the company pet and half a packet of polos found of Elops desk.

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Silver badge

Re: who will buy it?

More of a problem, what's the point?

Nokia own the property, it's an asset on the balance sheet at the moment. When they sell it, they get back a pittance, but make themselves vulnerable to whatever the new owner charges, who has to make a return on the sum they've paid. Unless the new owner has some magic sauce, this will cost Nokia more money than owning their own HQ.

More importantly, it doesn't alter the operating problems. Message to Elop: Stop piffling around with the balance sheet for very short term gains, your problem is the top few lines on the P&L!

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Bronze badge

They are turning into a US company anyway

There were no Finns on the stage for the 920 launch. The only person who wasn't American was Canadian.

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Re: They are turning into a US company anyway

Oh good, we can watch Nokia implode in a blaze of Microsoft and RIM-style management styles.

A minute's silence for what Nokia once was.

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MrF
Paris Hilton

Re: They are turning into a US company anyway

>> Oh good, we can watch Nokia implode in a blaze of Microsoft and RIM-style management styles.

Um, haven't we been watching Espoo play out a RIM-style train-wreck for the past 5 years? And with nary a Canuck in sight until well past half-time.

In fact, seems to me the Finns have shown still more talent in trashing their habitat than they ever did in building it up. They've managed the speed and scale of their self-destruction brilliantly -- no need of foreign assistance if your business plan involves downing some vodka, then swimming out into a vast, frogid ocean of Nordic hubris.

[Paris for the general cluelessness on Nokia's Bod.]

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Anonymous Coward

Re: They are turning into a US company anyway

"Um, haven't we been watching Espoo play out a RIM-style train-wreck for the past 5 years?"

Um, No. Nokia's market share in mobile was double of Apple & Samsung combined when Elop took over. Everything went downhill after the "Burning Platform" memo.

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"Nokia House. Credit: Google Street View"

<golf clap> Well played </golf clap>

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Unhappy

The asset stripping continues apace

I guess selling off the physical plant means they've run out of engineers to fire? I'm sure Nokia will soon be down to a nice, neat size where they can be bought out for their patent portfolio. You do have to wonder how the executives who preside over these things live with themselves. I guess the mutli-million pay cheques help.

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Trollface

Genius!

1) Sell headquarters to non-finanacially-linked subsidiary

2) Charge 1 BEELION DOLLARS/mo rent

3) Pay rent in IOUs

Nokia proper ends up paying nothing, subsidiary has ridiculous income rolling in, everyone wins.

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