BWP - BWP Trust

[Miner]

Listening to Wesfarmers saga today and published result check BWP presentation.
https://www.asx.com.au/asxpdf/20200804/pdf/44l55yhtfwnr4b.pdf
Interestingly the net profit rise is primarily due to the increase in the valuation of properties and not necessarily from sales. I realise BWP Trust is a REIT and I should not mix up with Bunnings owned by Wesfarmers.
A freebie published news (beware it is from MF meant for free publication and not for paid subscribers !) https://www.fool.com.au/2020/08/04/...elivers-distribution-growth-despite-covid-19/
https://www.fool.com.au/2020/07/29/3-quality-asx-dividend-shares-to-buy-in-august/
Market price only rose by a little more than 1 pc. ; Latest price is 3.87 ($2.88 was on the last posting from @peter2 - about three years back). DNH

 

[divs4ever]

FULL-YEAR RESULTS TO 30 JUNE 2021

The directors of BWP Management Limited, the responsible entity for the BWP Trust (“the Trust”),
today announced the results of the Trust for the 12 months to 30 June 2021.
The Trust made good progress in improving Bunnings Warehouse properties and repositioning
ex-Bunnings properties in the portfolio during the year. Upgrades were completed for the Croydon
and Port Melbourne properties. The Port Macquarie property has been repositioned for large format
retail and is now fully leased. A non-binding agreement has been entered into for the Cairns property
to be utilised as a film studio, and the Trust has entered into an arrangement with the New South
Wales State Government for the recently vacated Belmont North property to be used as a COVID-19
vaccination centre for up to two years. The re-zoning of the Belmont North property has recently been
approved and work is underway to determine the best longer-term use for that property. The Midland
property has been leased to a car dealership on expiry of the Bunnings lease in September 2021.
Options to extend Bunnings leases were exercised for the Belmont, Caroline Springs, Cockburn,
Fairfield Waters, Mount Gravatt, Pakenham, Smithfield, Wagga Wagga, Broadmeadows and Dubbo
properties.
For the year ended 30 June 2021, the assessed valuation of the Trust’s property portfolio increased by
$149.2 million, a 6.0 per cent increase over the prior year, reflecting the ongoing attractiveness of
Bunnings Warehouse properties to investors.
The COVID-19 pandemic (“COVID-19”) continued during the year with ongoing outbreaks which
resulted in lockdowns or activity restrictions on a state basis for varying periods of time. Bunnings was
able to operate on an unrestricted basis from the properties leased from the Trust for the majority of
the year. The Trust has leases with a small number of tenants such as gym operators which were
subject to COVID-19 closure by State governments for periods of time during the year. Rent
abatements totalling $473,571 were granted for the year ended 30 June 2021. The Trust received
99.6 per cent of rent due for the year, taking into account COVID-19 impacts.
The Trust pays out 100 per cent of distributable profit (which includes any capital profits released)
every six months. Divestments and the repositioning of vacated properties can impact the amount of
distributable profit available in any particular reporting period. Net profit before revaluation gains for
the year ended 30 June 2021 was $114 million, a 3.0 per cent reduction from the prior financial year.
This reflects the one-off impact of deposit payments forfeited by prospective purchasers of
BWP-owned properties that resulted in a higher net profit in the 2020 financial year. For the year
ended 30 June 2021, BWP reported a full-year ordinary distribution of 18.29 cents per unit, the same
as reported for the previous year. Capital profits were utilised to offset the lower net profit to maintain
the same distribution.

Page 2
2020/21 full-year highlights
 Final distribution of 9.27 cents, bringing the full-year ordinary distribution to 18.29 cents, in line
with the previous year
 16 market rent reviews (including 13 Bunnings Warehouse properties) finalised during the year
with rents broadly in line with the market
 Like-for-like rental growth of 1.6 per cent for the 12 months to 30 June 2021, taking into account
the average inflation on Consumer Price Index (“CPI”) linked leases of 0.5 per cent
 Weighted average cost of debt of 3.1 per cent for the year, 3.3 per cent at year end
 Weighted average lease expiry of 4.2 years at 30 June 2021
 Portfolio 97.8 per cent leased
 Net revaluation gains on the property investment portfolio of $149.2 million for the year
 Net tangible assets of $3.29 per unit at 30 June 2021 (2020: $3.06 per unit), up 7.5 per cent on
the previous year
 Gearing (debt/total assets) 17.7 per cent at 30 June 2021

courtesy of Bell Direct
===========================================================================

DYOR

i hold BWP ( DRPed )

pretty much as what you could have expected

interesting to see they are diversifying the tenant mix ( this MIGHT be a future game-changer )

sure SCP started doing similar a couple of years back , but BWP specialize in huge sheds

 

[divs4ever]

DECEMBER 2021 DISTRIBUTION ESTIMATE

The Directors of BWP Management Limited, the responsible entity for the BWP Trust (“the Trust”), today announced the following preliminary distribution estimate and other relevant distribution details for the six month period to 31 December 2021. Relevant dates:
• the ex-distribution date is 30 December 2021,
• the record date is 31 December 2021,
• the last date for elections for the distribution reinvestment plan is 4 January 2022.
In accordance with the Trust’s constitution all distributable profit will be distributed. The estimated distribution, based on unaudited accounts, is 9.02 cents per unit (including approximately 0.26 cents of capital profits). It is expected that there will be no conduit foreign income included in the distribution.
The actual distribution will be confirmed by the Board on 9 February 2022 and payment of the distribution entitlement is expected to be made on 25 February 2022.
The distribution will be subject to the Trust’s distribution reinvestment plan (DRP). The allocation price for the units under the DRP will be calculated as the average of the daily volume weighted average unit price on each of the 20 consecutive trading days from and including 6 January 2022 to 3 February 2022.
The directors have determined that no discount shall apply to the allocation price and the DRP will not be underwritten.
Units to be allocated under the DRP will be acquired on-market and transferred to participants on 25 February 2022. A broker will be engaged to assist in this process.
Participation in the DRP is open to all unitholders whose addresses are in Australia and New Zealand. For further information regarding the DRP please go to the Investors, Distribution Reinvestment Plan, section of the Trust’s website, www.bwptrust.com.au. Alternatively contact the registry, Computershare at www.investorcentre.com/bwp or by telephone on 1300 136 972 (within Australia).

===========================================================================

DYOR

i hold BWP ( DRPed )

 

[divs4ever]

PROPERTY DIVESTMENT - WOLLONGONG

The Directors of BWP Management Limited, the responsible entity for the BWP Trust (“the Trust”), today announced the execution of a Contract of Sale with an unrelated third party for the divestment of the Trustowned ex-Bunnings Warehouse property at Wollongong, New South Wales for $40 million.

The proposed divestment to Level 33, a Sydney-based development and construction business with experience in the Wollongong area, is unconditional with settlement expected to occur in June 2024.

The property was acquired by the Trust in 2003 for $12.0 million on an initial yield of 8.5 per cent, with the sale price of $40.0 million representing an 81.8 per cent premium to the fair value of $22.0 million as at 30 June 2023, resulting in a realised internal rate of return of 12.3 per cent since the original acquisition.
The Trust’s Managing Director Mark Scatena said that the divestment, supported by an independent valuation, follows a detailed review of alternative uses for the property, with the sale deemed to be in the best interests of unitholders.
“The transaction demonstrates the Trust’s ability to leverage its development capability and external networks to create value by progressing the site’s future development for a higher and better use”, Mr Scatena said. “The sale price also reflects the strong underlying land value of the site.” Wollongong overview In mid-2022, Bunnings Group Limited (“Bunnings”) informed the Trust that it would not exercise its five-year option and would be vacating the store when the lease was due to expire in early 2023.
Following this notification, the Trust considered a number of options in relation to the property including redevelopment or sale, in so doing identifying that the highest and best use for the site was for high density residential redevelopment. In reviewing these options, the Trust engaged consultants to progress a scheme to the Wollongong Council for development approval, whilst also re-leasing the property to the Australia Electoral Commission for a five year period commencing on 1 June 2023, affording the Trust holding income during redevelopment planning.
The recently completed public sales campaign completed the options review for the site and resulted in a number of offers from New South Wales-based developers.
The sale price reflects a 53.2 per cent premium to the fair value prior to Bunnings confirming it would vacate the property.

Use of proceeds Whilst proceeds from the divestment are expected to initially be applied to reduce drawn debt, the Trust retains sufficient current headroom to fund acquisitions and developments as opportunities arise.

“The Trust is seeing an increased number of opportunities in the market to acquire properties on yields it considers to be more reflective of risk,” Mr Scatena said. “Examples of this include our recently completed acquisitions of the Broadmeadows Homemaker Centre in Victoria and the Southport Showrooms in Queensland, with both sites adjoining BWP Trust-owned Bunnings Warehouses and acquired for $20.0 million and $10.0 million, respectively, representing a weighted average initial yield of 6.8 per cent.”

For further information, please contact: Mark Scatena Managing Director BWP Management Limited

Telephone: +61 8 9327 4356 E-mail: investorrelations@bwptrust.com.au

i hold BWP ( DRPed )

 

[divs4ever]

PROPOSED MERGER OF BWP TRUST AND NEWMARK PROPERTY REIT

Overview The Directors of BWP Management Limited (“BWPM”), the responsible entity for the BWP Trust (ASX:BWP) (“BWP”), today announced that BWP has entered a Bid Implementation Deed ("BID”) with Newmark REIT Management Limited (“NRML”) as responsible entity of Newmark Property REIT (ASX:NPR) (“NPR”) in relation to a proposal to merge BWP with NPR (the “Merger Proposal”) by way of an off-market takeover, subject to the conditions set out below.
A copy of the BID is attached to this announcement at Annexure A. The Merger Proposal is for an all-scrip transaction, pursuant to which NPR securityholders will receive 0.4 BWP units for every 1.0 NPR security held (the “Merger Ratio”). Based on BWP’s closing price of $3.47 on 23 January 2024, the Merger Ratio represents an implied price of $1.39 per NPR security (the “Merger Price”) and for NPR represents a total equity value of $246.8 million1 and a total enterprise value of $517.4 million2 .

The Merger Price represents a 43.1 per cent premium to NPR’s closing price of $0.97 on 23 January 2024. The Independent Directors of the NPR Board unanimously recommend the Merger Proposal and intend to accept the Merger Proposal for all NPR securities held or controlled by each of those directors, in each case in the absence of a Superior Proposal (as defined in the BID). Separately, BWPM has entered into a Sale and Purchase Agreement (“SPA”) with Newmark Property Group Pty Ltd (“Newmark Group”) to acquire 100 per cent of the shares in NRML (“NRML Shares”), the responsible entity of NPR. The SPA is conditional on the Merger Proposal being declared or becoming unconditional.
The SPA also provides for certain services to be provided by Newmark Group to effect the orderly transition of management and associated services (“Services”).
Under the SPA, BWPM has agreed to pay Newmark Group $22.5 million in consideration for the acquisition of the NRML Shares (and consequently the management rights) and the Newmark Group agreeing to provide the Services.
Support from Newmark Group and associated entities Newmark Group, NRML and other entities controlled by Newmark Group and its directors and shareholders, (together the “Newmark Group Members”) have entered into a pre-bid acceptance deed (“Pre-Bid Acceptance Deed”) with BWP, in which the Newmark Group Members, who together control approximately 32.6 million NPR securities, representing approximately 18.3 per cent of NPR, have committed to accept the Merger Proposal, subject to certain conditions, reflecting Newmark Group’s and its associated entities’ support for the Merger Proposal.
A copy of the Pre-Bid Acceptance Deed will be included in BWP’s substantial shareholding notice in respect of NPR released to the ASX today.

1 Equity value is calculated by multiplying the Merger Price by the NPR securities on issue of 177.8 million 2 Enterprise value is calculated by adding the equity value of $246.8 million with NPR’s net debt as at 31 December 2023
2 Transaction rationale BWPM believes that the Merger Proposal is in the best interests of both BWP unitholders and NPR securityholders and provides an opportunity to combine BWP’s and NPR’s complementary portfolios of quality assets and similar tenant profiles.
BWPM’s Managing Director Mark Scatena said that the Merger Proposal reflects BWPM’s focus on profitably growing the portfolio through assets with strong location attributes and tenant covenants. “The Merger Proposal demonstrates the Trust’s ability to leverage its capital structure and disciplined focus on portfolio growth, consistent with our objective of providing unitholders with a secure and growing income stream and long-term capital growth”, Mr Scatena said.
The Merger Proposal provides a number of benefits to BWP unitholders including:
• Larger portfolio with increased scale and relevance – continuation of BWP’s ongoing strategy to create long-term value through the addition of nine quality large format retailing assets, predominantly leased to Bunnings, creating a $3.5 billion portfolio of 84 geographically diversified properties
• Highly complementary portfolios with further exposure to quality tenants – the NPR assets are 73.0 per cent leased to Wesfarmers tenants including Bunnings, Officeworks and Kmart
• Platform for income and capital growth – the Merger Proposal will be neutral to BWP’s DPU guidance of 9.27 cents for 2H243 , it is accretive to BWP’s NTA with pro forma NTA of $3.754 and is a platform for expected future income and capital growth
• Enhanced diversification and improved lease expiry profile – the NPR properties will further enhance BWP’s asset diversification, maintain geographic diversity and improve BWP’s weighted average lease expiry profile from 3.6 years to 3.9 years5
• Leveraging and maintaining strong capital structure – should the Merger Proposal proceed, BWP’s strong capital position will be maintained, with pro-forma gearing expected to remain at the lower end of BWP’s target range, affording continued financial flexibility

Specifically for NPR securityholders the Merger Proposal is expected to deliver a number of benefits:
• Lower gearing and below NPR’s target range – pro forma gearing of 22.7 per cent6 is materially lower than NPR’s 31 December 2023 gearing of 47.2 per cent
• Significantly improved capital management position – BWP is rated strongly by credit rating agencies and has approximately $165 million of undrawn debt capacity7 across diversified debt sources including banks and corporate bonds with a weighted maturity of approximately three years8
• Enhanced scale and investor relevance – the Merger Proposal will provide NPR securityholders with enhanced scale, investor relevance and trading liquidity with access to relevant ASX indices
• Continued exposure to quality assets – the Merger Proposal is an opportunity for NPR securityholders to retain exposure to NPR’s assets while having the benefit of also being invested in BWP’s portfolio with a complementary, high quality tenant base comprising largely Bunnings tenancies
3 Subject to there being no major disruption of the Australian economy.
4 Estimated based on BWP and NPR unaudited 31 December 2023 balance sheets which remain subject to completion of halfyear audit reviews and board approvals.
5 By base income as at 31 December 2023.
6 Gearing calculated as borrowings / total assets, based on BWP and NPR unaudited 31 December 2023 balance sheets which remain subject to completion of half-year audit reviews and board approvals, pro forma for the Merger Proposal.
7 As at 31 December 2023, before the distribution payment to be made in February 2024.
8 As at 31 December 2023. 3 Overview of the Bid Implementation Deed (“BID”) The BID (see Annexure A) sets out the manner in which BWP and NPR have agreed to act in relation to the Merger Proposal. The BID provides BWP with exclusivity and includes provisions customary for a transaction of this nature including no shop, no talk, notification and matching rights subject to appropriate exceptions. The BID includes provisions for the payment of a reimbursement fee of $2.5 million by NPR to BWP in certain circumstances.
Offer conditions The Merger Proposal is conditional upon a number of matters set out in the BID, including minimum acceptance of 50.1 per cent of all NPR securities and other customary conditions.
9 At any time from when the offer opens to when the offer closes (“Offer Period”), BWP may choose to waive certain conditions of the Merger Proposal, declare the Merger Proposal unconditional and/or extend the Offer Period.
10 Indicative timetable The expected key dates in relation to the Merger Proposal are outlined below. Key event Date Transaction announced 24 January 2024 BWP and NPR respective 2024 half-year results 7 February 2024
Lodgement of Bidder’s Statement with ASIC Mid-February 2024 Despatch of Bidder’s Statement to NPR securityholders Mid-February 2024 Offer opens Mid-February 2024 Earliest date for Offer to close (unless extended) Mid-March 2024 Note: All dates are indicative only and subject to change. BWP Distribution Reinvestment Plan As a result of today’s announcement, and consistent with the Terms of the Distribution Reinvestment Plan (“DRP”), the Directors have determined to suspend the DRP in respect of the interim distribution for the six month period ended 31 December 2023.
BWP unitholders who had elected to participate in the DRP for the interim distribution will receive their distribution in the form of a direct credit into their nominated bank account on the expected distribution entitlement payment date of 28 February 2024.
The Board will confirm the details of the interim distribution with the half year results announcement on 7 February 2024. 9 Customary conditions are set out in the BID and include: a 50.1 per cent minimum acceptance threshold, receipt of certain regulatory approvals, no regulatory restraints, no prescribed occurrence in relation to NPR, no material adverse change in relation to NPR, BWP Units to be issued under the Merger Proposal are approved for quotation by the ASX, and all third party consents are obtained.
10 BWP may not extend the Offer Period to end after 21 June 2024 without the prior written consent of NPR, however, BWP may waive or vary the minimum acceptance condition to reduce the acceptance level below 50.1 per cent without the prior written consent of NPR.

Investor Briefing An investor briefing will be held at 11.00am AEDT (8.00am AWST) on 24 January 2024. Details to join the webcast will be available at www.bwptrust.com.au. Advisors BWP has engaged Highbury Partnership as financial adviser and Corrs Chambers Westgarth as legal adviser.

i hold BWP ( DRPed )

 

[divs4ever]

The following is a press release from S&P Global Ratings:
This report does not constitute a rating action.



MELBOURNE (S&P Global Ratings) Jan. 25, 2024--BWP Trust's proposed merger with
Newmark Property REIT (NPR) will further increase its exposure to the retail
tenant base of Wesfarmers Ltd.
BWP, an Australia-based retail REIT, announced that it is proposing an
all-scrip equity purchase of 100% of NPR units, offering an entitlement to BWP
units. The deal will increase the buyer's combined pro forma asset portfolio by
about 16.7% to A$3.5 billion, compared with A$3 billion as of end-2023.
BWP's pro forma debt will increase to A$812 million, reflecting the A$275
million of debt outstanding at NPR that is in addition to the A$537 million of
borrowings at BWP (A-/Stable/--). The company's pro forma gearing (defined as
the ratio of debt to assets) will increase to 22.7% from 17.1% as of end-2023.
This level of gearing remains consistent with BWP's targeted gearing range of
20%-30%.
We view the transaction as consistent with BWP's operating strategy to
increase its exposure to the portfolio of retailers at Wesfarmers
(A-/Stable/A-2). It also ensures that the company's focus remains on housing
well-located Bunnings stores in growing consumer catchment areas. Given that
NPR has a longer dated weighted-average lease expiry (WALE) profile than BWP's,
the combined entity's pro forma WALE will increase to 3.9 years from 3.6 years.
When BWP's WALE is below five years, we expect the trust to have stronger
credit metrics than peers' on average to offset the heightened risk from a
shortened lease maturity profile. The deal will boost the number of properties
in BWP's portfolio to 84 from 75. As a result of the deal, Wesfarmers tenants
will account for about 82% of BWP's base income, with Bunnings representing
about 80%. Over the next three to five years, the Bunnings tenancies will
represent more than 80% of BWP's portfolio income, in our assessment.


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Secondary Contact: Leanne Ly, Melbourne 61-3-9631-2149;
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(END) Dow Jones Newswires

January 24, 2024 17:48 ET (22:48 GMT)

i hold BWP ( DRPed )

 

[UMike]

BWP is getting back into the re-buyable region.

@nulla nulla. Been almost 2 years. Miss his REIT updates.

 

[divs4ever]

BWP TRUST OFFER TO MERGE WITH NEWMARK PROPERTY REIT EXTENSION OF OFFER PERIOD AND INTENTION TO DECLARE OFFER UNCONDITIONAL

The Directors of BWP Management Limited (“BWPM”), as responsible entity for the BWP Trust (ASX:BWP) (“BWP”), refer to BWP’s off-market takeover offer (“Offer”) under Chapter 6 of the Corporations Act 2001 (Cth) (“Corporations Act”) for all of the stapled securities in Newmark Property REIT (ASX:NPR) (“NPR”).
Capitalised terms used in this document but not otherwise defined have the meaning given to those terms in BWP’s bidder’s statement in respect of the Offer, dated 7 February 2024.
The Directors of BWPM today announced:
• their present intention to declare the Offer unconditional on 21 March 2024;
• the extension of the Offer Period, with the Offer to remain open for acceptance until 7.00pm (Sydney time) on Friday, 12 April 2024 (unless further extended or withdrawn); and
• that BWP has a relevant interest in 64,829,181 NPR Securities, as at 13 March 2024, representing 36.46 per cent of NPR Securities on issue.
Present intention to declare Offer unconditional As required under the Sale and Purchase Agreement (“SPA”) between BWP Management Limited (in its personal capacity) (“BWPM”) and Newmark Property Group Pty Ltd (“NPG”) for the acquisition of 100 per cent of the shares in Newmark REIT Management Limited (“NRML”),
BWPM has issued a notice to NPG of its present intention to declare the Offer unconditional on 21 March 2024.
The SPA is conditional on the Offer being declared unconditional.
While it is BWP’s present intention to declare the Offer unconditional on 21 March 2024 BWP reserves its right not to do so.
Once BWPM (in its personal capacity) acquires 100 per cent of the shares in NRML, BWPM will appoint directors to the NRML Board, and in this case (through its representatives on the NRML Board) will control the decisions and the future direction of NPR to the extent permissible by the law and the ASX Listing Rules.
Extension of the Offer Period
The Offer will remain open for acceptance until 7.00pm (Sydney time) on Friday,
12 April 2024 (unless further extended or withdrawn) NPR Securityholder Acceptance Update As at 13 March 2024,
BWP has a relevant interest in 64,829,181 NPR Securities representing 36.46 per cent of NPR Securities on issue.
3453-6165-4059v12 Issuing of BWP Units under the Offer NPR Securityholders who have accepted the Offer at the time all
Offer Conditions are satisfied or waived,
should the Offer be declared unconditional, will be provided with 0.4 BWP units for every 1.0 NPR security held (“Offer Consideration”), within 5 Business Days of the Offer being declared unconditional (provided that all relevant documents have been received by BWP and are correctly completed).
If acceptances are received by NPR Securityholders following the Offer being declared unconditional, those NPR Securityholders will be provided with the Offer Consideration within 5 Business Days of Offer acceptance (provided that all relevant documents have been received by BWP and are correctly completed).
Further information
Please refer to BWP’s First Supplementary Bidder’s Statement released to the ASX on 14 March 2024 for more information.
NPR Securityholders who have any questions in relation to the Offer should call the Securityholder Information Line on 1300 262 147 (within Australia) or +61 3 9415 4285 (outside Australia), between 8.30am and 5.00pm (Sydney time).

i hold BWP ( DRPed )

 

[divs4ever]

JUNE 2024 DISTRIBUTION ESTIMATE

The Directors of BWP Management Limited (“BWPM”), the responsible entity for the BWP Trust (“theTrust”), today announced the following preliminary distribution estimate and other relevant distribution details for the six month period to 30 June 2024.

Distribution dates

The relevant distribution dates include:
 Ex-distribution date: 27 June 2024 Record date: 28 June 2024
 Final date for elections for the distribution reinvestment plan: 1 July 2024
 BWPM Board distribution confirmation: 14 August 2024
 Distribution entitlement payment (expected): 28 August 2024
Estimated distribution In accordance with the Trust’s constitution the distributable amount will be distributed.
The estimated distribution, based on unaudited accounts, is 9.27 cents per unit.
It is expected that there will be no conduit foreign income included in the distribution.

Distribution reinvestment plan reinstated

The distribution will be subject to the Trust’s distribution reinvestment plan (“DRP”). The allocation price for the units under the DRP will be calculated as the average of the daily volume weighted average unit price on each of the 20 consecutive trading days from and including 3 July 2024 to 30 July 2024.
The directors have determined that no discount shall apply to the allocation price and the DRP will not be underwritten.

Units to be allocated under the DRP will be acquired on-market and transferred to participants on 28 August 2024.
A broker will be engaged to assist in this process.
Participation in the DRP is open to all unit holders whose addresses are in Australia and New Zealand.

For further information regarding the DRP please go to the Investors, DRP, section of the Trust’s website, www.bwptrust.com.au.

Alternatively, contact the registry, Computershare atwww.investorcentre.com/bwp or by telephone on 1300 136 972 (within Australia).

For further information please contact:Mark Scatena Managing Director BWP Management Limited

i hold BWP ( DRPed )


the final div. confirmation in AUGUST ??? ( after the calculation of the DRP price ??

this release might be amended later

 

[divs4ever]

DISTRIBUTION REINVESTMENT PLAN - ALLOCATION PRICE

The Directors of BWP Management Limited, the responsible entity for the BWP Trust (“BWP”), today advised that the distribution reinvestment plan (“DRP”) allocation price for the six month period ended 30 June 2024 is $3.5347 per unit.

The allocation price is the average of the daily volume weighted average unit price (with no discount applied) of BWP units on the Australian Securities Exchange and Cboe Australia for the 20 consecutive trading days from and including 3 July 2024 to 30 July 2024.

The DRP units will be allocated when distribution entitlements are paid, which is expected to be on 28 August 2024.

For further information please contact:Mark Scatena Managing Director BWP Management Limited

i hold BWP ( DRPed )