Wesfarmers (ASX:WES) said it will sell its BWP Management unit to BWP Trust (ASX: BWP) for AU$142.6 million, according to a Friday filing with the Australian bourse.

The consideration includes AU$100 million in cash and AU$42.6 million in BWP units issued at a 9.2% premium to the last closing price, the filing said.

Following the sale, Wesfarmers' stake in BWP will rise to 23.5% from 22.3%, the filing added.

The company and BWP have also agreed to an extension and variation of Bunnings' leases with BWP.

Shares of Wesfarmers rose nearly 1% in recent Friday trade.