Overview

Origin

Established and listed on the Australian Securities Exchange (‘ASX’) in 1998 (the original prospectus is available here), BWP Trust (‘the Trust’) is a real estate investment trust investing in and managing commercial properties throughout Australia. Since its inception, and prior to management internalisation on 1 August 2025, the Trust was externally managed by BWP Management Limited (‘BWPM’), the appointed responsible entity, with 100 per cent of BWPM’s share capital owned by Wesfarmers Limited (‘Wesfarmers’).

The majority of the Group's properties are large format retail assets, with Bunnings Warehouse (‘Bunnings Group Limited’ or ‘Bunnings’) remaining the Group's major tenant. The portfolio is supported by a diversified mix of national retailers, with rental income during FY26 comprising predominantly Wesfarmers Group entities (80 per cent) and other national large format retail, automotive and self-storage businesses (16 per cent). The Group benefits from a high-quality tenant base and the continued strength of the Bunnings covenant, providing exposure to the attractive fundamentals of the Australian large format retail sector.

Internalisation

On 28 July 2025, BWP Trust unitholders approved the internalisation of the management of the Trust, where BWPM and its subsidiary were purchased from Wesfarmers Limited by the Trust’s unitholders through a new entity, BWP Property Group Ltd (‘BWPPG’ or ‘the Company’). This resulted in the formation of a stapled group comprising the Trust and the Company (together ‘BWP’, ‘BWP Group’ or ‘the Group’). The stapled securities of the BWP Group comprise one unit in the BWP Trust and one share in BWPPG. Stapled securities cannot be traded or dealt with separately. The Trust and the Company remain separate legal entities in accordance with the Corporations Act 2001. BWP Trust continues to be managed by the responsible entity, BWPM (‘the Responsible Entity’), now a subsidiary of the Company, which is appointed under BWP Trust’s constitution and operates under an Australian Financial Services Licence (‘AFSL’).

Relationship with Wesfarmers

Wesfarmers through one of its subsidiaries, owned 23.44 per cent of securities on issue at 30 June 2026 (2025: 22.29 per cent).

BWP’s Objective

BWP aims to provide securityholders with a secure and growing income stream and capital growth over the long‑term. This is achieved through supporting the ongoing property needs and growth plans of its customers, while actively managing the portfolio to enhance asset quality, grow income and create long-term value for securityholders.