The history of BWP Trust

Established as the Bunnings Warehouse Property Trust 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 Deed establishing the Trust is dated 18 June 1998.  The Trust Deed is an approved deed for the purposes of the Corporations Act and is governed by the laws of the Australian Capital Territory.

Listed in September 1998 on the Australian Stock Exchange (now Australian Securities Exchange "ASX")  following the issue of 132 million ordinary fully paid $1.00 units. Following listing, a wholly owned subsidiary of Wesfarmers Limited held a 25% interest in the Trust.  See prospectus. 

At listing, the Bunnings Property Management Limited, as responsible entity for the Trust, was granted a six year ASX waiver which allows the responsible entity to enter into certain leasing transactions on behalf of the Trust with Bunnings Pty Ltd (now Bunnings Group Limited), a related party without the need to obtain unitholder approval under Listing Rules 10.1.  

At listing, the Trust had $170 million of properties located in Western Australia, Victoria, Queensland, South Australia and the ACT.  See Portfolio Overview in the Trust's most recent Annual Report for current portfolio size. 

On 5 August 1999, Bunnings Warehouse Property Trust was registered as a Managed Investment Scheme by the Australian Securities and Investments Commission. 

At the same time, Bunnings Property Management Limited assumed the role of responsible entity for the Trust from Perpetual Trustees Company Limited. 

On 14 January 2000, a unitholder meeting was held to approve the acquisition of new warehouses from Bunnings Group Limited and the Distribution Reinvestment Plan. 

In February 2000, the Trust held a one for three renounceable rights issue at $1.00 per unit to raise $44 million. 

In February 2000, the Trust implemented a Distribution Reinvestment Plan (DRP). 

On 22 June 2001, a unitholder meeting was held to approve the purchase and development of Frankston warehouse and changes to the Trust's Constitution. 

In September 2001, the Trust made a placement of 20.1 million units at an issue price of $1.19 to raise $23.9 million in September 2001. 

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. 

In November 2001, the Trust held a one for eight renounceable rights issue at $1.16 per unit to raise approximately $29.5 million. 

In November 2002, the Trust made a placement of 26.1 million units at an issue price of $1.29 to raise $33 million. 

On 16 December 2002, a unitholders meeting was held to approve the acquisition of four warehouses from Bunnings Group Limited, to ratify the placement and approve an amendment to the Trust's Constitution. 

In November 2003, the Trust announced a $25 million underwritten unit purchase plan at $1.37 per unit.

In September 2004, the ASX waiver, originally granted at listing, was renewed for further six years.

In February 2005, the Distribution Reinvestment Plan was suspended.

On 14 December 2005, a unitholders meeting was held to approve amendments to the Trust's Constitution. 

In May 2008, the Distribution Reinvestment Plan was re-instated.

In May 2009, the Trust made a one for 3.09 non-renounceable entitlement offer at an issue price of $1.50 to raise $150 million.

On 11 November 2009, the Trust held a Unitholders' briefing to provide a performance overview.

On 13 May 2010, the Trust held a unitholders meeting to approve the Extended Lease Tenure transaction with Bunnings Group Limited.

In September 2010, the ASX waiver, originally granted at listing and extended in 2004, was extended for a further six years. 

On 17 February 2011, the Trust made a one for 4.84 fully underwritten non-renounceable entitlement offer at an issue price of $1.70 per unit to raise $150 million. 

On 30 March 2011, the Trust held a unitholders meeting to approve the acquisition of thirteen Bunnings Warehouse properties from Bunnings Group Limited.

On 7 April 2011, the Trust changed its name from Bunnings Warehouse Property Trust to BWP Trust and the management company changed its name from Bunnings Property Management Limited to BWP Management Limited. 

In August 2011, the Distribution Reinvestment Plan was suspended for the final distribution for the year ended 30 June 2011.  The Distribution Reinvestment Plan was re-instated for the interim distribution for the six months ended 31 December 2011.