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BlackBerry Selling Off Canadian Real Estate

Fri, 03/21/2014 - 9:57am

NEW YORK (AP) -- BlackBerry is selling most of its real estate holdings in Canada as the struggling smartphone company continues to look for ways to improve its business.

BlackBerry Ltd. did not disclose the buyer or purchase price, but said Friday that it will sell more than 3 million square feet of space and vacant lands. It will also lease back part of the space.

CEO and Executive Chair John Chen says in a statement that BlackBerry is still committed to having a strong presence in Canada.

The company says that more terms of the transaction will be announced once principal conditions are satisfied or waived by the parties.

The deal is expected to close in fiscal 2015's first quarter.

BlackBerry's stock rose more than 2 percent in premarket trading.

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