BWP Trust/Newmark Prop REIT: More Bunnings Under One Roof

• BWP Trust (BWP AU), the owner of 75 properties (mostly Bunnings Warehouses), will merge with smaller landlord Newmark Property REIT (NPR AU), whose tenants also include Bunnings.

• Via an off-market transaction, BWP is offering NPR unitholders 0.4 new BWP units for every NPR unit held, for an implied Offer price of $1.36/unit, a 43.1% premium to undisturbed.

• The key condition is a 50.1% tendering threshold. 18.3% of NPR have given an irrevocable. This looks done; although NPR was listed at A$1.89/unit a little over two years ago.