BlackBerry To Proceed With $278 Million Real Estate Sale

BlackBerryBBRY

on Monday announced that it will sell the majority of its real estate holdings in Canada to U.S. real estate investment company Spear Street Capital for approximately $278 million. BlackBerry will sell more than three million square feet of office space and vacant land, but will lease back a portion of the space as part of the company's commitment to retain a strong presence and keep its global headquarters in Canada. BlackBerry CEO

John Chen announced to shareholders earlier in the year that the company plans to sell its real estate holdings as part of its on-going program to generate cash and liquidity to finance its business operations. Related: MasterCard Earnings Show The Company On Track For A Solid 2014 Chen has guided shareholders to break-even by the end of fiscal 2015 from a cash flow perspective, and investors could consider Monday's move as a step in the right direction. BlackBerry lost its competitive edge and its market share within the smart-phone market when it

plunged

from as high as 43 percent in 2010 to 3.8 percent in 2013.

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BlackBerry To Proceed With $278 Million Real Estate Sale