Blackberry to Sell Majority of Canadian Property Assets

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Blackberry Limited has announced plans to divest the majority of its real estate holdings in Canada, as the company looks to strengthen its balance sheet. 

The technology company will partner with CBRE to strategically divest the majority of its commercial real estate portfolio through a combination of sale-leaseback and vacant asset sales, according to a company announcement. 

Blackberry did not disclose the potential value of a sale. The properties offered cover more than three million square feet of space, the company said. 

"This initiative will further enhance BlackBerry's financial flexibility, and will provide additional resources to support our operations as our business continues to evolve," BlackBerry chief executive John Chen said in a statement. 

The announcement comes about a month after the company agreed to sell a portfolio of five buildings and some land to the University of Waterloo for approximately C$41 million, according to Reuters. The deal includes about 300,000 square feet of space and more than 1,000 parking spaces. That deal is expected to finalize next month. 

Following major layoffs and its waning fortune, the Waterloo, Ontario-based company is trying to reinvent itself.

"BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs," Mr. Chen said.