Nokia will sell its headquarters in Espoo, Finland, before leasing it back, in a move to inject cash into its struggling business.
The phone maker expects to complete the sale to Exillion by the end of the year, for a total of €170 million. It will not leave the premises, though, agreeing to a long-term lease on the property.
"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," said Nokia CFO Timo Ihamuotila in a statement.
The move is the latest in a number of cost-cutting measures by the company in recent times. Nokia has cut approximately 10,000 jobs throughout the year, and recently sold off the majority of its shares in luxury phone brand Vertu, maintain a small, 10 per cent stake in the business.