While other real estate investment trusts have reported asset writedowns, Bunnings landlord BWP Trust reported a $54m valuation gain over the half year.
Bunnings warehouses are holding their value in the face of rising interest rates in part due to strong private investor demand and limited supply, according to the country’s biggest owner of these large-format retail properties, ASX-listed BWP Trust.
The last Bunnings to sell was a new store in Mt Isa, Queensland, which sold at auction in May for $16.2 million on a tight 4.29 per cent yield. This lifted total income by 3.6 per cent to $78.6 million, offsetting a 4 per cent rise in finance costs as the trust’s weighted average cost of debt rose due to higher interest rates.
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