WATERLOO, Ont.—Canadian device maker BlackBerry Ltd. said it has entered an agreement to sell “the majority” of its Canadian real estate holdings as it looks to improve profitability.
According to the firm, it has entered an agreement with an undisclosed party to sell more than three million sq.ft. of space an undisclosed amount of vacant land in Canada as part of its “ongoing program to improve operational efficiencies.”
The company said it will lease back a portion of the sold space in Waterloo, Ont.
“The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” BlackBerry CEO and executive chair John Chen said in a statement.
“As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters.”
BlackBerry expects closing to occur in the coming months.