BlackBerry Ltd. plans to divest the majority of its Canadian real estate holdings in a bid to raise cash, with properties on the block comprising more than three million square feet of commercial space.
The money-losing device maker said it will pursue a combination of sale-leasebacks and vacant asset sales, but remains committed to maintaining its headquarters in Waterloo.
The company will continue to have “a strong presence in Canada along with other global hubs,” said BlackBerry CEO John Chen in a statement.
“This initiative will further enhance BlackBerry’s financial flexibility, and will provide additional resources to support our operations as our business continues to evolve,” he added.
