Solid Outlook for BWP Group as Rent Uplifts and Management Internalization Drive Distribution Growth

For over 20 years, BWP Group (formerly BWP Trust) has consistently applied a strategy of generating rental income from long-duration leases over warehouse properties predominantly tenanted by home improvement retail business, Bunnings. Although BWP Group is proposing to transition some Bunnings Warehouse stores to alternative uses, the strategy is to have 80%-90% of rental income from Bunnings. Wide-moat Wesfarmers owns 100% of Bunnings and 23% of BWP Group.