BlackBerry today announced that Spear Street Capital has agreed to pay $278 million (CDN$305 million) for the majority of BlakcBerry’s Canadian real estate holdings.
According to a press release, Spear Street will waive its rights to due dilligence and will proceed with the purchase. The parties expect to complete the sale of properties valued at approximately 80 percent of this total later this month, with the sale of the remaining properties to be completed during the third calendar quarter of 2014.
Under the terms of the transaction, BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will lease back a portion of the space as the company continues to have a strong presence in Canada with Waterloo remaining its global headquarters.
BlackBerry made the initial announcement of the sale back in March but did not offer details at that time.
BlackBerry CEO and Executive Chair, John Chen said the sale of the property in Canada will help the company move toward its goal of continued operational efficiency.
“As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters,” Chen said in a statement from March.