BlackBerry Ltd. Selling 3 Million Square Feet of Canadian Real Estate

BlackBerry has come to an agreement to sell more than 3 million square feet of its real estate in Canada for an undisclosed amount as it continues to shift its business model.

Mar 21, 2014 at 11:50AM

BlackBerry (NASDAQ:BBRY) announced today that it has entered into an agreement in which it will sell more than 3 million square feet of its real estate holdings in Canada. The square footage along with vacant lands constitute the majority of its real estate holdings in Canada. It will lease back a portion of the space.

The company did not provide the financial terms of the transaction nor say who the buyer is. It expects the deal to close in the next couple of months. The company said it will release terms of the transaction once principal conditions are met.

Images

In January of this year the company announced its plans to divest the real estate in an effort to provide it with greater financial flexibility as its business continues to pivot and evolve. In addition BlackBerry noted the move will allow it to "improve operational efficiencies, optimize resource usage and shift resources to support operations."

BlackBerry has continued to shift its operations and efforts as it has attempted to reshape its business. In December the CEO of the company, John Chen, provided a piece for CNBC in which he outlined the company would begin to focus its strategy and efforts toward business and enterprise clients, its BlackBerry Messenger (BBM) message mechanism, and its QNX operating system.

Since the beginning of 2014 the stock price of BlackBerry has risen almost 30%. Part of the reason for this increase included news BBM would later be available on the Windows Phone from Microsoft and also a report that the QNX technology would be used in the Ford SYNC in-car connectivity platform.

"The successful sale of property in Canada will help us move toward our goal of continued operational efficiency," said Chen in the official announcement of the sale from BlackBerry. "As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters."

link

Patrick Morris has no position in any stocks mentioned. The Motley Fool recommends Ford. The Motley Fool owns shares of Ford and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Money to your ears - A great FREE investing resource for you

The best way to get your regular dose of market and money insights is our suite of free podcasts ... what we like to think of as “binge-worthy finance.”

Feb 1, 2016 at 5:03PM

Whether we're in the midst of earnings season or riding out the market's lulls, you want to know the best strategies for your money.

And you'll want to go beyond the hype of screaming TV personalities, fear-mongering ads, and "analysis" from people who might have your email address ... but no track record of success.

In short, you want a voice of reason you can count on.

A 2015 Business Insider article titled, "11 websites to bookmark if you want to get rich," rated The Motley Fool as the #1 place online to get smarter about investing.

And one of the easiest, most enjoyable, most valuable ways to get your regular dose of market and money insights is our suite of free podcasts ... what we like to think of as "binge-worthy finance."

Whether you make it part of your daily commute or you save up and listen to a handful of episodes for your 50-mile bike rides or long soaks in a bubble bath (or both!), the podcasts make sense of your money.

And unlike so many who want to make the subjects of personal finance and investing complicated and scary, our podcasts are clear, insightful, and (yes, it's true) fun.

Our free suite of podcasts

Motley Fool Money features a team of our analysts discussing the week's top business and investing stories, interviews, and an inside look at the stocks on our radar. The show is also heard weekly on dozens of radio stations across the country.

The hosts of Motley Fool Answers challenge the conventional wisdom on life's biggest financial issues to reveal what you really need to know to make smart money moves.

David Gardner, co-founder of The Motley Fool, is among the most respected and trusted sources on investing. And he's the host of Rule Breaker Investing, in which he shares his insights into today's most innovative and disruptive companies ... and how to profit from them.

Market Foolery is our daily look at stocks in the news, as well as the top business and investing stories.

And Industry Focus offers a deeper dive into a specific industry and the stories making headlines. Healthcare, technology, energy, consumer goods, and other industries take turns in the spotlight.

They're all informative, entertaining, and eminently listenable. Rule Breaker Investing and Answers are timeless, so it's worth going back to and listening from the very start; the other three are focused more on today's events, so listen to the most recent first.

All are available for free at www.fool.com/podcasts.

If you're looking for a friendly voice ... with great advice on how to make the most of your money ... from a business with a lengthy track record of success ... in clear, compelling language ... I encourage you to give a listen to our free podcasts.

Head to www.fool.com/podcasts, give them a spin, and you can subscribe there (at iTunes, Stitcher, or our other partners) if you want to receive them regularly.

It's money to your ears.

 


Compare Brokers