BlackBerry to Shed Majority of its Real Estate Holdings

Beleaguered Canadian smartphone is inching towards a deal to sell majority of its real estate holdings. The company has been struggling with sales and is looking to find new ways to optimize operations and increase revenue.

The move is being seen as a part of the Canadian handset maker’s broader efforts to conserve cash and fund turnaround efforts amid intense competition from Apple’s iOS and Google’s Android operating system-based smart-phones.

BlackBerry did not disclose the buyer or purchase price, but said Friday that it will sell more than 3 million square feet (0.28 million square meters) of space and vacant lands. It will also lease back part of the space.

“The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” CEO and Executive Chair John Chen said in a statement.

The company said that more terms of the transaction will be announced once principal conditions are satisfied or waived. Chen said that BlackBerry is still committed to having a strong presence in Canada. It is keeping its headquarters in Waterloo, Ont.