BlackBerry to divest majority of its Canadian real estate

TORONTO Tue Jan 21, 2014 5:03pm EST

TORONTO Jan 21 (Reuters) - BlackBerry Ltd said on Tuesday it intends to divest the majority of its real estate holdings in Canada, as it works to bolster its balance sheet and turnaround its fortunes.

In partnership with commercial real estate services company CBRE, BlackBerry said it intends to strategically divest the majority of its real estate 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.

The properties being put on sale comprise over 3 million square feet of office space, the company said.