Smartphone maker BlackBerry will sell a majority of its real estate holdings in Canada to real estate investment firm Spear Street for about $278 million.
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 Androidoperating system-based smartphones.
As part of the deal - expected to conclude this month - with Spear Street, BlackBerry will sell over 3 million square feet of space and vacant lands. It will lease back a portion of the space and Waterloo (Ontario) will continue to serve as the company's global headquarters.
In a statement last night, BlackBerry said: "Spear Street Capital, LLC has waived its due diligence condition pursuant to BlackBerry's previously-announced agreement to sell the majority of BlackBerry's real estate holdings in Canada. Spear Street has agreed to purchase the properties for Canadian dollars 305 million or approximately $278 million."
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