Blackberry announces sale of majority of its Canadian real estate

Added by on May 5, 2014

Blackberry, the Canadian maker of the Blackberry smartphones and tablets, announced on Monday the sale of most of the company’s Canadian real estate holdings for US278 million.

In a press release the company said Spear Street Capital will purchase approximately 80% of Blackberry’s 3 million square feet of space in addition to vacant lands.

Blackberry said the sale is part of a plan outlined earlier this year to boost the strength of its financials.

Blackberry has suffered huge losses in subscribers and financials after it reached its peak in December 2012 of 80 million worldwide subscribers with 37% of US smartphone users. The company’s success and fortunes took a steep downturn in 2012 as a result of significant competition from Apple and Samsung. The company reported a loss in net income of US317 million in 2013, down from 2.4 billion in 2010.