I just stumbled on this news on Mashable and thought I should share.

Nokia is selling its 48,000 square meter headquarters in Espoo for 170 million euros ($222.4 million), the company has announced.

The stumbling Finnish mobile giant will not be moving out of the building, though -- it will lease it back from the new owners, the Finland-based Exilion.

"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. We are naturally continuing to operate in our head office building on a long-term basis," said Nokia CFO Timo Ihamuotila.

While the bit about real estate not being Nokia's core business is true, the company was probably forced to sell the building in order to improve its balance sheet. In Q3, the company posted a $755 million loss, continuing a trend that's been going on since 2011.

Nokia is pinning at least part of its turnaround hopes on a close partnership with Microsoft's nascent Windows Phone business and is serving as a lead partner. This year, the Finnish tech company launched the Nokia Lumia 920 to some critical acclaim.

Nokia has been operating in the Espoo building, designed by architect Pekka Helin, since 1997.


My conclusion,Europe is losing a whole lot to South East Asia.