Bunnings landlord BWP to buy Newmark in $250m deal

BWP Trust, the owner of 75 mostly Bunnings Warehouses, will buy smaller landlord Newmark Property REIT – whose tenants include Bunnings, Officeworks and Kmart – in a deal that creates a $3.5 billion national portfolio of large format retail assets.

BWP said the combination of two Wesfarmers landlords in the all-share deal valuing the smaller company at $246.8 million, would create an 84-asset portfolio and boost its exposure to Victoria and Tasmania.

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