The Bunnings Warehouse Property Trust was established in 1998 with a focus on warehouse retailing properties and, in particular, Bunnings Warehouses leased to Bunnings Pty Ltd (now Bunnings Group Limited), a wholly-owned subsidiary of Wesfarmers Limited.

The Trust was listed on the Australian Stock Exchange in September 1998 following the issue of 132 million ordinary fully paid $1.00 units. Wesfarmers subscribed for an initial unitholding of 25 per cent in the Trust through a wholly-owned subsidiary.

At the time of listing, the Trust's portfolio consisted of 20 properties, including 14 completed Bunnings Warehouses and six development sites. The total value of those properties was approximately $170 million, and the properties were located in Western Australia, Victoria, Queensland, South Australia and the ACT. Since then the Trust’s portfolio has grown to a total of 56 properties as at January 2007 (50 established Bunnings Warehouses, 2 Bunnings distribution centres, 1 development site for a Bunnings Warehouse and 3 office/warehouse industrial properties) with a total fair value of approximately $850 million.

Since listing, the Trust has had five capital raisings:

• a one for three renounceable rights issue at $1.00 per unit to raise $44 million in February 2000
• a placement of 20.1 million units at an issue price of $1.19 to raise $23.9 million in September 2001
• a one for eight renounceable rights issue at $1.16 per unit to raise approximately $29.5 million in November 2001
• a placement of 26.1 million units at an issue price of $1.29 to raise $33 million in November 2002
• a $25 million underwritten unit purchase plan at $1.37 per unit in November 2003

In October 2001, the Trust was admitted for the first time to the S&P/ASX 200 and S&P/ASX200 Property Indices. At that time, the market capitalisation of the Trust was approximately $233 million. At 31 December 2006 the market capitalisation of the Trust was approximately $651 million.

In February 2000, a Distribution Reinvestment Plan (DRP) was implemented. The DRP facilitates reinvestment of distributions that would otherwise be received as cash. To date, units have been offered under the DRP at a 2.5 per cent discount to the market price in the 10 day period following the record date. Units issued under the DRP are free of brokerage or other costs. In February 2005 the directors resolved to discontinue the DRP until further notice, given the relatively low gearing level of the Trust.  In May 2008 the DRP was reinstated.