Nokia sells its Oulu campus to Finnish business space provider Technopolis for $40.8 million

Nokia sells its Oulu campus to Finnish business space provider Technopolis for $40.8 million

Continuing to offload office space as part of its restructuring plans, Nokia has sold its Peltola campus in the Finnish city of Oulu to domestic business space provider Technopolis for €30.5 million ($40.8 million).

According to a filing with the Finnish Stock Exchange, Technopolis will acquire approximately 37,600 sqm of office space, with parking garages catering for over 800 cars. The total investment, including the purchase price, will be €31.7 million ($42.2 million).

This, of course, follows Nokia’s decision to sell and lease back its Espoo headquarters in a €170 million deal with Exilion late last year.

It appears that while Nokia has sold its campus, it will retain some of the available office space. Under the terms of the agreement, Nokia will lease “approximately 17,400 sqm of space from the campus under a long-term lease,” mirroring what it did with its Espoo HQ but on a smaller scale.

Nokia has worked closely with Technopolis in the past. In 2009, the two companies (as well as Finnish funding agency Tekes) joined forces to help strengthen the Finnish ICT sector and generate new and competitive international businesses with a new investment fund. Nokia says that its share of Technopolis’ net sales will remain below 3 percent following today’s deal.

Technopolis believes it will be able to fill 64 percent of its campus by the second half of 2013, rising to more than 90 percent within two years, helping it expand its existing Kontinkangas campus in the local area.

Please note: A second press release from Technopolis clarified the purchase price for the Nokia campus. The article has been updated to reflect this.

Image Credit: Wikipedia

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