Beleaguered Nokia sells Finnish headquarters

Ailing smartphone manufacturer Nokia is selling its head office in Espoo, Finland, to software consultancy firm Exilion for a reported 170 million euros (£137 million).

The company will continue to operate within the premises by leasing the site at a lower price.

Timo Ihamuotila, Nokia's chief financial officer, said that the deal is in line with the company's aims to cut back on spending but noted that Nokia has no plans to move away from its Espoo headquarters.

"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," Ihamuotila said.

The move is the latest money-saving measure to be implemented by the beleaguered firm, which has struggled to compete in the fast-paced smartphone industry that is now dominated by Apple and Samsung. Earlier this year, Nokia announced that it would be cutting 10,000 jobs to save 1.6 billion euros (£1.25 billion) before the end of 2013.

In July, the Finnish company announced a loss of 1.4 billion euros (£1.1 billion). The firm is now hoping to claw back some of its former glory with its newly released smartphones operating on the Windows Phone 8 OS - the Nokia Lumia 820 and the Nokia Lumia 920.