Smartphone vendor BlackBerry has decided to sell the majority of its real estate holdings in Canada to Spear Street Capital for nearly US$278 million.
Spear Street Capital and BlackBerry will complete the sale of properties valued at approximately 80 percent of this total later this month. The sale of the remaining properties will be completed during the third calendar quarter of 2014.
BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will lease back a portion of the space as the company continues to have a strong presence in Canada with Waterloo continuing as the home of its global headquarters.
Nokia, one of the rivals of BlackBerry, had earlier sold its headquarter in Finland and leased back for its commercial operations.
