BWP Trust Tackles an Upcoming Vacancy, FVE Unchanged at AUD 2.85
Narrow-moat BWP Trust sold its Dandenong asset, one of the properties vacated by Bunnings Warehouse, as the tenant moves from BWP Trust sites into as many as seven previous Masters Home Improvement locations over the next three years. Although the sale itself is immaterial and our fair value estimate is maintained at AUD 2.85 per unit, the transaction diminishes the uncertainty facing BWP from near-term vacancies. The property was reportedly acquired by privately owned German hypermarket chain K...BWP Trust is a real estate investment trust, investing in and managing commercial properties throughout Australia. Co. invests in properties with long-term leases to substantial tenants, predominantly in the bulky goods retail sector. The majority of Co.'s properties are retailing properties, in particular, Bunnings Warehouses, leased to Bunnings Group Limited.
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