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Electronics Production |

BlackBerry keeps digging for funds in real estates

BlackBerry has entered into an agreement pursuant to which it will sell the majority of its real estate holdings in Canada.

The transaction is part of BlackBerry’s ongoing program to improve operational efficiencies, optimise resource usage and shift resources to support operations as the business continues to evolve. Under the terms of the agreement, BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will also lease back a portion of the space. CBRE Limited served as an advisor to BlackBerry for this transaction. The company expects closing to occur in the first quarter of fiscal 2015. The transaction is subject to certain conditions, and the transaction may not be completed on the negotiated terms, or at all. “The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” said BlackBerry CEO and Executive Chair, John Chen. “As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters.”

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March 15 2024 2:25 pm V22.4.5-1
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