BlackBerry Reaches Agreement To Sell Its Real Estate Holdings In Canada

The struggling Canadian smartphone with manufacturing company have reached agreement to sell most of its real estate holdings in Canada to help the company have enough cash to turn the company around.

According to bloomberg, BlackBerry will sell more than 3 million square feet of space, plus vacant properties and lease back some of it in transaction expected to close by the end of May.

Although the Waterloo based company didn't disclose the name of the company buying over its real estate, it is believed that whoever or which ever company is involved with making the deal with BlackBerry will have to part with as much as $491 million dollar.

This $491 million will be based on sales prices for previous BlackBerry buildings and leaseback agreements as said by Ted Davis a property broker with Avison Young Inc. who specialises in southwestern Ontario.

These are desperate times for BlackBerry which calls for extreme measures by the company to gain a sizeable amount of cash in the bank so as to turn around the seemingly down sliding company.

According to Chen, the property deal "will help us move toward our goal of continued operational efficiency".

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