BlackBerry’s escalating stock price may not slow down anytime soon: the company just announced it is divesting the majority of its Canadian real estate. Partnering with CBRE Limited, the world’s largest commercial real estate brokerage, BlackBerry intends to further secure its financial position by selling whatever real estate it no longer requires, both in Waterloo and across the country.
John Chen, BlackBerry’s new fast-paced CEO, claims, “BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs. This initiative will further enhance BlackBerry’s financial flexibility, and will provide additional resources to support our operations as our business continues to evolve.” Approximately three million square feet will be sold, but specifics on which buildings and their locations are not yet available. The properties will be sold “through a combination of sale-leaseback and vacant asset sales,” according to a press release.
BlackBerry announced last year that it would sell a number of buildings at its Waterloo campus to the University of Waterloo for $41 million. That sale comprised of 300,000 square feet of building space and 1,000 parking spots, so this announcement will likely net BlackBerry a significantly higher amount.