BLACKBERRY ANNOUNCES UPDATE ON SALE OF CANADIAN REAL ESTATE HOLDINGS
Enters Sale Agreement as Part of Global Business Efficiency Program
Mar 21, 2014
Waterloo, ON – BlackBerry® Limited (NASDAQ: BBRY; TSX: BB), a world leader in mobile communications, today announced that it has entered into an agreement pursuant to which it will sell the majority of its real estate holdings in Canada. The announced transaction is part of BlackBerry’s ongoing program to improve operational efficiencies, optimize resource usage and shift resources to support operations as the business continues to evolve.
Under the terms of the agreement, BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will also lease back a portion of the space. CBRE Limited served as an advisor to BlackBerry for this transaction. BlackBerry expects closing to occur in the first quarter of fiscal 2015. The transaction is subject to certain conditions, and the transaction may not be completed on the negotiated terms, or at all. Additional terms of the transaction will be announced once the principal conditions are satisfied or waived by the parties.
“The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” said BlackBerry CEO and Executive Chair, John Chen. “As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters.”
A global leader in mobile communications, BlackBerry® revolutionized the mobile industry when it was introduced in 1999. Today, BlackBerry aims to inspire the success of our millions of customers around the world by continuously pushing the boundaries of mobile experiences. Founded in 1984 and based in Waterloo, Ontario, BlackBerry operates offices in North America, Europe, Asia Pacific and Latin America. The company trades under the ticker symbols "BB" on the Toronto Stock Exchange and "BBRY" on the NASDAQ. For more information, visit www.blackberry.com.
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