Nokia is planning to sell its head office near the Finnish capital to property investors for €170m as the struggling mobile phone maker continues to cut costs.

Its chief financial officerTimo Ihamuotila said the deal, to be concluded later this month, is in line with aims to shed non-core activities.

He added that Nokia will continue to operate from the Espoo headquarters "on a long-term basis."

The Finnish company has operated in the glass and steel structure, known as Nokia House, since 1997.

Today's announcement comes amid fierce competition in the smartphone market in which the former number one phone maker has been edged out by Samsung Electronics and Apple's iPhone.

Nokia has announced 10,000 job cuts and is streamlining operations to save €1.6 billion by the end of 2013