BlackBerry to sell off 3M square feet of space in Canada
The sale represents the majority of its real estate holdings in Canada. BlackBerry's not saying how much cash it'll take in from the transaction.
BlackBerry's quest for cash has been bolstered by a real estate sale.
The embattled smartphone maker announced on Friday that it has agreed to sell over 3 million square feet of space, as well as vacant land, across its home turf of Canada. BlackBerry will lease back some of the space, but didn't say exactly how much. The company also declined to say how much cash it'll net in the sale.
The real estate sale is just the latest move by CEO John Chen to help BlackBerry raise cash and decrease its expenses. The Waterloo, Ontario-based company has watched its sales plummet over the last couple of years, and last year entered into a deal to raise $1 billion via convertible debt with equity firm Fairfax Financial. In January, Fairfax announced plans to invest another $250 million in BlackBerry.
BlackBerry didn't say on Friday exactly what spaces were sold, but Chen sought to reassure Canadians that the company will "continue to consider Waterloo home to our global headquarters."