BlackBerry today announced that it intends to divest the majority of its real estate holdings in Canada.
The Canadian smartphone maker says that it intends to “strategically divest the majority of its commercial real estate portfolio” through a combination of sale-leaseback and vacant asset sales. The properties to be offered for sale comprise over three million square feet of space, according to BlackBerry.
BlackBerry’s real estate portfolio totals more than three million square feet across 19 buildings. The company insists it will remain headquartered in Waterloo despite the shuffle.
“BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs,” said BlackBerry CEO and Executive Chair, John Chen.
“This initiative will further enhance BlackBerry’s financial flexibility, and will provide additional resources to support our operations as our business continues to evolve,” he added.
BlackBerry did not comment on the potential value of a sale.