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.
In January, Blackberry, which hired current CEO John Chen last year to oversee a restructuring, said it would sell the majority of its Canadian real estate. It hired CBRE Ltd. as an advisor, and said at the time that it planned to remain headquartered in Waterloo “and having a strong presence in Canada along with other global hubs.”
Chen says in a statement that the successful sale of property in Canada will help Blackberry advance toward “our goal of continued operational efficiency.” The company will report its fourth-quarter results later this week; for Q3 2013 it posted a $4.4-billion loss.