Nokia sells its headquarters

Nokia says it is selling its headquarters near Helsinki to a Finnish property company but will continue to use the building under a lease-back deal.

The move will raise 170 million euros for the cash strapped mobile phone maker which has been in that office since 1997.

Nokia, which has been trying to improve its finances through job cuts and other measures, said it plans to shed more non-core assets.

Suffering slipping sales in the face of tough competition from rivals Samsung and Apple, the former number one handset maker has recently announced closure of facilities in Germany and Canada and sold its luxury brand Vertu to a private equity firm.

The restructuring process also includes cutting its global workforce by up to 10,000 by the end of next year.

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