Nokia Sells Oulu Campus For â‚¬30.5M And Leases Back Same Space That They Currently Use
Nokia is in financially bad position and they are trying to stabilize it by selling their non-core assets. Recently they sold their own HQ buildingÂ in Finland for about EUR 170 million. Today, TechnopolisÂ announced that it has boughtÂ Nokia’s Campus in Oulu for EUR 31.7 million. As they did it with their HQ, Nokia will lease back theÂ same space thatÂ they currently use, 17,400 square metres. And Nokia has responded that theirÂ occupancy in Oulu is not affected by the sale and our operations will also continue there as today.
Technopolis has acquired Nokiaâ€™s Peltola campus in Oulu. The rentable space of the campus totals approximately 37,600 sqm and includes a parking garage with 800 parking spaces. The total investment is EUR 31.7 million.
The campus, suitable as a multi-user environment, is being sold by Nokia, which will lease approximately 17,400 sqm of space from the campus under a long-term lease. Following the transaction, Nokiaâ€™s share of Technopolisâ€™ net sales will remain below 3%.
The financial occupancy rate of the campus will be 64% from the beginning of the second half of the year based on existing leases and prelets. Technopolis believes that it can increase the financial occupancy rate of the campus to more than 90% within two years, increasing the net rental yield to over 11%. Current market yield is 8.5%.