BlackBerry has been working to sell their real estate holdings in Canada for a few months now, and today they've got a buyer. Today brought the announcement that Spear Street Capital has agreed to purchase BlackBerry's more than 3 million square feet of real estate and vacant lands for CDN$305 million (US$278 million).
Spear Street has waived their due diligence in the process to move things along, and expects that around 80% of the sales will be complete by the end of the month. The remainder might take a bit longer, with those sales not expected to be completed until the third quarter of the year. The sale includes space that BlackBerry currently uses, which they'll continue to occupy and lease from Spear Street.
A few hundred million dollars isn't a bad thing for BlackBerry to have on their books, and it comes at a time when BlackBerry could use every few hundred million dollars that they can get. They might be top tech dog in Canada today, but there's work for BlackBerry to do to continue their path forward. So every few hundred million counts.
Press release:
BlackBerry Announces Update on Sale of Canadian Real Estate Holdings
WATERLOO, ONTARIO--(Marketwired - May 05, 2014) - BlackBerry Limited (NASDAQ: BBRY)(TSX: BB), a world leader in mobile communications, today announced that Spear Street Capital, LLC has waived its due diligence condition pursuant to BlackBerry's previously-announced agreement to sell the majority of BlackBerry's real estate holdings in Canada. Spear Street has agreed to purchase the properties for CDN$305 million, or approximately US$278 million. The parties expect to complete the sale of properties valued at approximately 80% of this total later this month, with the sale of the remaining properties to be completed during the third calendar quarter of 2014, subject to customary closing conditions in each case.
Under the terms of the transaction, BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will lease back a portion of the space as the Company continues to have a strong presence in Canada with Waterloo continuing as the home of its global headquarters.
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