The Directors of Bunnings Property Management Limited, the Responsible Entity of Bunnings Warehouse Property Trust (BWP or the Trust), announces that the Trust has agreed to acquire from a wholly owned subsidiary of Bunnings Group Limited, a portfolio of 10 operational Bunnings Warehouses and three properties on which BGL will develop Bunnings Warehouses (Portfolio Acquisition). The acquisition price of $241.7 million represents the total amount payable to BGL assuming the completion of the Bunnings Warehouses to be developed by BGL.
Mr Grant Gernhoefer, General Manager of Bunnings Property Management Limited, said: “The Portfolio Acquisition adds substantially to the Trust’s existing portfolio and is expected to provide unitholders with a secure, growing income stream and long-term capital growth, consistent with the Trust’s objectives. The fully underwritten Entitlement Offer to part fund the Portfolio Acquisition will ensure BWP maintains its conservatively geared balance sheet to provide financial flexibility for funding further acquisition opportunities.”
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