BlackBerry to Sell off Canadian Property Portfolio
Published on: 22nd Jan 2014
By: Ian Mansfield
BlackBerry has announced that it plans to sell off the majority of its real estate holdings in Canada.
In partnership with CBRE, BlackBerry said that it 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 said that it will not comment on the potential value of a sale and said that it will disclose further information as required in connection with any definitive sale transaction.
Just before Christmas, the company sold five buildings and land to the University of Waterloo for $41 million. That represents about 10% of the property currently up for sale, although the remaining properties may not be in such valuable locations.