US convenience store operator 7-Eleven has said it has agreed to sell its headquarters building for US$142m to Prentiss Properties.
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.