BlackBerry has announced an agreement to sell the bulk of its Canadian real estate holdings, as the handset maker stockpiles cash to help its pivot toward emerging market consumers.

The company said in a blog post the deal includes 3 million square feet as well as "vacant lands," and that it will lease back some of the property.

Canada has been BlackBerry's base of operations since the company was founded in 1984,

“The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” said BlackBerry CEO John Chen in the blog post. “As previously stated, BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters.”

The deal could raise as much as $491 million for the company, according to a property broker quoted by Bloomberg.

BlackBerry unsuccessfully tried to sell itself in November but decided instead to raise $1 billion dollars through corporate bonds.

The handset manufacturer has struggled for years as competition from Apple and Samsung have destroyed BlackBerry's once-dominant position in the U.S. smartphone industry. BlackBerry had more than 55% of the market in 2009.

BlackBerry is attempting to pivot toward emerging market consumers. It recently signed a deal with Foxconn to build phones for the Indonesian market.

While BlackBerry's shares trade around $9.30, well off its highs of $230 in the early 2000s, there are some glimmers of hope.

Facebook's purchase of Whatsapp provided a bright spot for the otherwise struggling BlackBerry. Growing interest in the mobile messaging market bolstered the idea that its BBM messaging program could be sold.

BlackBerry declined to comment on the real estate sale beyond its blog post.

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