Blackberry has been making waves in the news yet again, and this time it’s involved with commercial real estate. As reported by The Globe and Mail and multiple other news outlets, the company has decided to sell the vast majority of its commercial real estate holdings, keeping only its headquarters in Waterloo, Ontario. According to chief executive John Chen, Blackberry is expected to sell more than 3 million square feet of space. This will increase the company’s financial flexibility and provide additional resources to company operations. The sale is being undertaken by CBRE Ltd.
Preceding the sale, Blackberry had 27 buildings in Waterloo, 6 of them leased. As of Nov. 30, 2013, its land was valued at $68 million, and all related buildings at $941 million. By February 14th, it plans to sell 5 buildings and all related lands to the University of Waterloo for $41 million. The company is currently holding $192 million worth of industry-related plan and equipment assets, and is planning to sell them over the next 12 months. It remains to be seen whether the beleaguered Blackberry’s fortunes will rebound following these significant real estate transactions.
Source: The Globe and Mail
Source Link: https://www.theglobeandmail.com/report-on-business/blackberry-to-divest-real-estate-holdings/article16438372/
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