BlackBerry Announces Plans to Divest Canadian Real Estate Holdings
BlackBerry has announced today that it will "divest the majority of its commercial real estate portfolio" in a partnership with CBRE Limited. BlackBerry will offer up a total of over 3 million square feet of space through both a sale-leaseback and vacant assets sales. The plan will help BlackBerry by providing additional income and resources to support their current and future operations. No financial details were disclosed however.
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.