For over 20 years, BWP Group (formerly BWP Trust) has consistently pursued a strategy of generating rental income from long-duration leases on warehouse properties, predominantly tenanted by the 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.