BlackBerry’s financial restructuring continues as the company has announced plans to divest the majority of its real estate holdings in Canada today. BlackBerry is not disclosing the monetary value of any sale, but plans to report any further information as needed. The University of Waterloo bought five buildings from BlackBerry late last year, and more real estate is now available to purchase.
Check out the press release below for the full details.
BlackBerry Announces Plans to Divest Canadian Real Estate Holdings
WATERLOO, ONTARIO–(Marketwired – January 21, 2014) – BlackBerry® Limited (NASDAQ: BBRY)(TSX: BB), a world leader in mobile communications, today announced that it intends to divest the majority of its real estate holdings in Canada.
In partnership with CBRE Limited, BlackBerry intends to strategically divest the majority of its commercial real estate portfolio through a combination of sale-leaseback and vacant asset sales. The properties to be offered for sale comprise over 3 million square feet of space.
“BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs,” said BlackBerry CEO and Executive Chair, John Chen. “This initiative will further enhance BlackBerry’s financial flexibility, and will provide additional resources to support our operations as our business continues to evolve.”
BlackBerry will not comment on the potential value of a sale and will disclose further information as required in connection with any definitive sale transaction.
For more information on the sale of these properties, contact CBRE Limited.