Having previously reported that Nokia were considering selling its headquarters in Finland, The Verge has confirmed that the cell phone maker will indeed be selling its Espoo property.

As a result of the sale, Nokia will be adding approximately $220 million (170 million Euros) to its balance sheet with the Finnish journal Helsingin Sanomat having previously valued the property at $250-$400 million.

Having operated within the building since 1997, Nokia has entered into a long term lease agreement with its new owner, Finland-based real estate and investment company Exilion.

Nokia CFO Timo Ihamuotila, explains on its website that:

“We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome. As we have said before, 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.”