BlackBerry to sell its Canadian real estate, lease back some of it to continue operations
BlackBerry announced that Spear Street Capital, LLC has agreed to purchase the phone-maker's Canadian real estate properties for US $278 million (equal to Canadian $305 million). Under these terms, BlackBerry will sell more than 3 million square feet of space, including 19 buildings and vacant lands, while leasing back a portion of said property to further its operations. "The company continues to have a strong presence in Canada, with Waterloo continuing as the home of its global headquarters." - reads the statement. The deal is expected to close during May, with 80% of the holdings being fulfilled by the end of May. The other 20% will dealt with by the end of the third quarter.
Just to put news into perspective, look at these cutouts from a BlackBerry investment brochure, which details and locates all the property that's to be sold off. As you'll see for yourself, It's quite a bit of architecture.
source: BlackBerry
Hopefully the financial injection and shedding of unneeded property maintenance and owning costs will help BlackBerry land back on its feet. The company might be keeping a bit quiet lately, but CEO John Chen is taking its turnover to heart and isn't keeping still when it comes to delivering cost-cutting measures.
source: BlackBerry
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