Shares of BWP Trust (ASX:BWP) edged lower Wednesday after it said in a late Tuesday filing that independent expert Deloitte Corporate Finance deemed its proposed internalization deal with Wesfarmers (ASX:WES) fair, reasonable, and in the best interests of non-Wesfarmers investors.

BWP Trust's shares shed 0.1% in recent trade, while Wesfarmers was down almost 1%.

As previously disclosed, the company signed an implementation deed with Wesfarmers for a proposed transaction involving the internalization of management, lease resets, and capital expenditure commitments, subject to unitholder approval, the filing said.

The company updated the proposed transaction timetable, confirming the stapling commencement and receipt of BWP Property Group shares on Aug. 1, and dispatched an updated meeting booklet following the Australian Securities and Investments Commission's review, with the unitholder meeting set for July 28, the filing added.