The Canadian Press - ONLINE EDITION

BlackBerry to sell most of its Canadian real estate holdings; no price disclosed

  • Print
A Canadian flag flies at BlackBerry's headquarters in Waterloo, Ont., Tuesday, July 9, 2013. Blackberry plans to sell most of its Canadian real estate holdings as it works to shore up its business under new management.THE CANADIAN PRESS/Geoff Robins

Enlarge Image

A Canadian flag flies at BlackBerry's headquarters in Waterloo, Ont., Tuesday, July 9, 2013. Blackberry plans to sell most of its Canadian real estate holdings as it works to shore up its business under new management.THE CANADIAN PRESS/Geoff Robins

WATERLOO, Ont. - BlackBerry is selling the majority of its commercial real estate holdings in Canada, but the struggling smartphone maker refused Tuesday to say how much it expects to make from the deals.

Waterloo, Ont.,-based BlackBerry (TSX:BB) said it plans to use a combination of vacant sales and sale-leaseback arrangements in divesting the properties.

The company said the properties being offered for sale comprise more than three million square feet of space.

"BlackBerry will not comment on the potential value of a sale and will disclose further information as required in connection with any definitive sale transaction," it said in a release after markets closed.

The company is working with CBRE, a commercial real estate company that provides financing and management services in conducting the sales.

"BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs," CEO and executive chairman John Chen 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."

Shortly before Christmas, the University of Waterloo announced it had purchased five buildings and land from BlackBerry for $41 million.

The deal, which is expected to close Feb. 14, will add an additional 300,000 square feet and more than 1,000 parking spaces to the school's property holdings.

The university said it planned on using three of the buildings as soon as the deal closes, while the remaining two would be leased to the smartphone maker for up to five years.

BlackBerry pioneered the smartphone in 1999 and dominated the market for years but has since been eclipsed by Apple's iPhone as well as Android-based rivals.

Under new CEO Chen, the company has been working to turn around its business and last month entered into a five-year partnership with a Taiwanese company in an agreement that will offload much of its manufacturing costs.

On Monday, the company's shares rose more than eight per cent after it got a vote of confidence from the U.S. Defence Department, which said about 80,000 BlackBerrys would be deployed on its new mobile device management system by the end of the month.

The number represents about 98 per cent of the initial haul of devices, which includes another 1,800 devices like Apple's iPad, iPhone and tablets and phones on the Android operating system.

The disclosure last week also shows the U.S. government still considers BlackBerry part of its stringent security infrastructure.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Jim Flaherty remembered at visitation as irreplaceable

View more like this

Photo Store Gallery

  • A Canada goose flies towards the sun near the Perimeter Highway North and Main St Monday afternoon – See Day 10 for Bryksa’s 30 goose project - May 11, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Challenges of Life- Goose Goslings jump over railway tracks to catch up to their parents at the Canadian Pacific Railway terminalon Keewatin St in Winnipeg Thursday morning. The young goslings seem to normally hatch in the truck yard a few weeks before others in town- Standup photo- ( Day 4 of Bryksa’s 30 day goose project) - Apr 30, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

What are you most looking forward to this Easter weekend?

View Results

View Related Story

Ads by Google