US convenience store operator 7-Eleven has said it has agreed to sell its headquarters building for US$142m to Prentiss Properties.
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The company, which is the largest US convenience store operator, said it now expects 2004 earnings before items to be between 86 and 90 cents per share, compared to a previous forecast of 85 to 88 cents per share, reported Dow Jones News. In 2003 the company’s core earnings were 78 cents per share.
7-Eleven will continue to lease the part of the building it already occupies for three years, and has an option to extend the lease by a further seven years.
7-Eleven said the deal would allow the retailer to take advantage of the strong commercial marketplace and cut its debt by around $110m.
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