Wesfarmers (ASX:WES) is selling six properties of Bunnings Warehouses worth roughly AU$300 million to an unnamed investor to capitalize on the increased demand for retail assets, The Australian reported Wednesday, citing sales documents.
CBRE is handling the off-market offer for the assets within the BPI No 1 Pty Ltd property structure. The Australian report said the freehold portfolio comprises about 85,000 square meters of gross lettable area and spins off a net passing income of about AU$14.9 million.
Bunnings confirmed to The Australian that a sale process was underway. It did not immediately respond to a request for comment by MT Newswires.
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