Canadian handset maker BlackBerry is in the process of offloading the majority of the properties it owns in Canada.
In a statement, the Ontario-based company said it would divest the real estate through a combination of sale-leaseback and vacant asset…
Canadian handset maker BlackBerry is in the process of offloading the majority of the properties it owns in Canada.
In a statement, the Ontario-based company said it would divest the real estate through a combination of sale-leaseback and vacant asset sales.
According to BlackBerry’s recent Q3 results, the “fair value” of its property holdings was C$633m (US$578m). BlackBerry said it will not comment on the potential value of a sale.
It is being advised by property firm CBRE on the sale, which could see BlackBerry dispose of more than three million square feet of space.
In a statement BlackBerry CEO 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.”
Earlier this week, BlackBerry’s share price jumped more than 11% after the US Department of Defense gave the struggling business a vote of confidence by ordering more than 80,000 handsets for its employees.
Chen’s turnaround strategy – which includes focusing on keyboard handsets and government/corporate clients – appears to be winning over investors. Since Chen’s appointment, BlackBerry’s stock has risen more than 50%, from US$6.50 to US$9.93.
