Tomahawk, WI 01/22/2014 (BasicsMedia) – BlackBerry Ltd (NASDAQ:BBRY) announced Tuesday that it was planning to sell part of its Canadian real estate in order to boost its ongoing turnaround efforts. The company has already appointed an agent to help with the process.

The struggling smartphone pioneer will be working with CBRE Group Inc (NYSE:CBG) in the transactions to sell is properties in Canada which include occupied and vacant properties. The company plans to lease back the occupied space from buyers once the properties are sold.

The exact about of financial worth of the properties in question has not been disclosed. However, it is understood that the earmarked properties which include office space One World Trade Center, covers more than 3 million square-feet.

Investor goodwill

There are already clear indications that investors are in support of BlackBerry Ltd (NASDAQ:BBRY)’s new management led by CEO John Chen. Thus, Mr. Chen and his team are using this opportunity to bring back the company to its feet within the shortest time possible.

While the company received some funding in November towards its turnaround and even one of its leading shareholders Fairfax Financial gave it another boost recently, the company still needs more money to finance its turnaround.

As BlackBerry Ltd (NASDAQ:BBRY) seeks for funds, it is turning to its own assets to boost the turnaround coffer. Selling of its assets will not only help the company raise the additional money needed for its rebound, but will help the company avoid the financial burden related to managing the properties. Moreover, consolidation is important for the company is it takes away distractive operations.

Divestment seems to be the new game in the tech corporate world as struggling companies selling lackluster units to concentrate on what can offer the desired value. Just recently we saw Nokia Corporation (NYSE:NOK) chop off its devices arm to Microsoft Corporation (NASDAQ:MSFT) for about $7.3 billion.

Many other struggling tech companies and financial institutions like Bank of America Corp (NYSE:BAC) are also divesting after many years of empire-building.

BlackBerry turnaround story

Turnaround was never the initial idea of the troubled Ontario-based smartphone maker. But the idea was to sell off the company to willing buyers that included its shareholder Fairfax Financials. When good buyers could not be found, it was decided that a change of management be made and that the company be put in a turnaround process. That is how Mr. Chen who has a wealth of experience managing struggling companies having done the same at Sybase found his place at the company’s helm.

A lot has been achieved already as regards retooling of BlackBerry Ltd (NASDAQ:BBRY). The company recently announced a manufacturing outsourcing deal with Foxconn Technology which will takeover its low-cost devices business for the next five years. This agreement saves the company in terms of upfront cost and losses in case of inventory failure.

Just this week, Pentagon came to the rescue of BlackBerry Ltd (NASDAQ:BBRY) with devices supply contract that gives BBRY 98 percent of devices supplies to the Defense Department. And also this week, BBRY landed a devices supply deal to a German tech company called Datev in which it will deliver about 1,000 units of its security smartphones.

Bottom line

Investors need not miss the opportunity in this fast improving company. Looking at the company’s prospects, its current price of $9.93 is cheap. The stock jumped 9.36 percent on Tuesday and it is up more than 33 percent in 2014.

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