BlackBerry to divest majority of its Canadian real estate

Washington, Jan. 22: BlackBerry Ltd is planning to divest the majority of its real estate holdings in Canada.

The move comes as the struggling mobile company is seeking to bolster its balance sheet and turn around its fortunes.

BlackBerry intends to strategically divest the majority of its real estate assets in partnership with commercial real estates services company CBRE.

Accordign to Fox News, Blackberry will divest its assets via a combination of sale-leaseback and vacant asset sales.

The company did not disclose how much it expects to raise from the process.

According to the report, the announcement comes barely a month after the technology company agreed to sell five buildings, along with some land, to the University of Waterloo for about C$41 million.(ANI)