Bunnings trust plans $150m raising

BUNNINGS Warehouse Property Trust has expanded its portfolio with the purchase of a further 10 Bunnings Warehouses and three properties to be developed for $241.7 million.

The acquisition from Wesfarmers' subsidiary Bunnings Group will be funded by a mixture of debt and a new share sale to raise about $150 million.

Wesfarmers is the largest unit holder in the Bunnings Warehouse trust with 23.5 per cent and indicated that it will take up its full entitlement at a cost of about $35 million. The Bunnings Warehouse trust owns the buildings, with the retail operator Bunnings leasing the sites.