BlackBerry to sell off majority of its real estate holdings in Canada

By VCPOST Staff Reporter

Jan 22, 2014 05:45 AM EST

On Tuesday, BlackBerry Ltd said it intends to sell off the majority of its Canadian real estate holdings. The announcement comes as the troubled smartphone pioneer struggles to turnaround its fortunes, wrote Reuters.

BlackBerry has struck a deal with commercial real estate services provider CBRE in connection with the divestment. The phone maker said it intends to sell its real estate assets through a combined vacant asset sales and sale-leaseback, the report detailed.

The struggling firm did not disclose the amount it expects to gain from the asset sell-off, the report added.

According to BlackBerry, the assets being put on sale include an office space spanning more than 3 million square feet, Reuters reported.

CBRE is the biggest commercial real estate services firm in the world. Formerly called CB Richard Ellis Group Inc, the company offers strategic advice for property sales and leasing, including asset management, corporate services, investment management, appraisal, mortgage banking, and research and consulting. The company is currently based in Los Angeles, US, according to CBRE's web profile.

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