BlackBerry Will Sell Majority of Its Canadian Real Estate Holdings
BlackBerry Friday said that it has agreed to sell the majority of its property holdings in Canada.
According to a press release, BlacKBerry is set to sell more than 3 million square feet of space and vacant land. The sale is part of the company's ongoing cost-cutting measures.
BlackBerry said it plans to lease back a portion of the space and expects to close on the sale in the first quarter of fiscal 2015.
The Canadian OEM did not reveal financial details of the sale or who was buying the properties.
BlackBerry CEO and Executive Chair, John Chen said the sale of the property in Canada will help the company move toward its goal of continued operational efficiency.
“As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters,” Chen said.
BlackBerry recently announced a shift in focuse to services and devices for emerging markets. The Candadian OEM rolled out a 5-inch all-touch BlackBerry 10 Smartphone designed for customers in Indonesia.
The new phone, called the Z3, is a product of BlackBerry's recently announced partnership with device manufacturer Foxconn.
Shares of BlackBerry were up nearly 3 percent Friday in premarket trading to $9.68 per share.