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Blackberry Sells Its Canadian Real Estate

WATERLOO, ONTARIO, CANADA—The smartphone maker provided few details of the sale, but said Friday it would lease back a portion of its three-million-square-foot portfolio.

By Paul Bubny | Updated on March 23, 2014

WATERLOO, ONTARIO, CANADA—Blackberry Ltd. said Friday it had reached an agreement to sell most of its Canadian commercial real estate holdings, totaling some three million square feet, as part of its program to improve operational efficiencies and optimize resource usage. Neither the selling price nor the buyer or buyers were identified; the smartphone maker said it would provide further details “once the principal conditions are satisfied or waived by the parties.”

The real estate assets in the transaction involve vacant land along with developed properties. Blackberry plans to lease back an unspecified portion of the space.

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