The sale represents the majority of its real estate holdings in Canada. The company didn't say how much cash it generated in the sale. March 21, 2014 6:24 AM PDT BlackBerry headquarters in Waterloo, Ontario. (Credit: BlackBerry) BlackBerry's quest for cash has been bolstered by a real estate sale. The embattled smartphone maker announced on Friday that it has agreed to sell over 3 million square feet of space, as well as vacant land, across Canada. BlackBerry will lease back some of the space, but didn't say exactly how much. The company also declined to say how much cash it'll net in the sale. The real estate sale is just the latest move CEO John Chen has instituted to help BlackBerry raise cash and decrease its expenses. The company has watched its sales plummet over the last couple of years, and last year entered into a deal to raise $1 billion via convertible debt with equity firm Fairfax Financial. In January, Fairfax announced plans to invest another $250 million in BlackBerry. BlackBerry didn't say on Friday exactly what spaces were sold, but Chen reassured Canadians that the company will "continue to consider Waterloo home to our global headquarters."
The sale represents the majority of its real estate holdings in Canada. The company didn't say how much cash it generated in the sale.
BlackBerry headquarters in Waterloo, Ontario.
(Credit: BlackBerry)
BlackBerry's quest for cash has been bolstered by a real estate sale.
The embattled smartphone maker announced on Friday that it has agreed to sell over 3 million square feet of space, as well as vacant land, across Canada. BlackBerry will lease back some of the space, but didn't say exactly how much. The company also declined to say how much cash it'll net in the sale.
The real estate sale is just the latest move CEO John Chen has instituted to help BlackBerry raise cash and decrease its expenses. The company has watched its sales plummet over the last couple of years, and last year entered into a deal to raise $1 billion via convertible debt with equity firm Fairfax Financial. In January, Fairfax announced plans to invest another $250 million in BlackBerry.
BlackBerry didn't say on Friday exactly what spaces were sold, but Chen reassured Canadians that the company will "continue to consider Waterloo home to our global headquarters."
