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BlackBerry unloading real estate, pens handset deal with Pentagon

updated 06:20 pm EST, Tue January 21, 2014

Three million square feet of buildings to be put up for sale

In what may be the beginning of a turnaround for the Canadian cellphone maker, Blackberry has seen a resurgence in its stock price from a reported Pentagon order of 80,000 devices. Additionally, the company is strategically divesting the majority of its Canadian real estate through both a sale and lease-back to Blackberry, as well as outright sale of its empty properties.

Earlier today, the US Department of Defense announced the purchase order for the devices as part of its "new mobile program for unclassified work." On the news, BlackBerry's share prices climbed 12.5 percent to $10.24 per share. This purchase is separate from BlackBerry's and other manufacturer's continued evaluation for a next-generation secure network for the DoD.

In regards to the property sales, BlackBerry hasn't revealed how much it expects to recoup from the property sales. Over three million square feet of office space will be sold. CEO John Chen noted that "this initiative will further enhance BlackBerry's financial flexibility and will provide additional resources to support our operations as our business continues to evolve."

by MacNN Staff



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