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BlackBerry Makes Deal To Sell Real Estate

3/21/2014 06:27:00 AM Eastern

Waterloo, Ontario – Embattled smartphone maker BlackBerry entered into an agreement to sell most of its real estate holdings in Canada and lease back a portion.

The deal is part of an effort to “shift resources to support operations as the business continues to evolve,” the company said.

Under the terms of the agreement, BlackBerry will sell more than 3 million square feet of space and vacant land. A price wasn’t disclosed. The company expects to close the deal in the first quarter of fiscal 2015, which ends in May of 2014.

"The successful sale of property in Canada will help us move toward our goal of continued operational efficiency," said chairman/CEO 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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