BWP Trust

BWP Trust was established and listed on the Australian Securities Exchange in 1998, BWP Trust is a real estate investment trust investing in and managing commercial properties throughout Australia. Since its inception, and prior to management internalisation on 1 August 2025, the Trust was externally managed by BWP Management Limited, the appointed responsible entity, with 100 per cent of BWPM's share capital owned by Wesfarmers Limited. On 28 July 2025, BWP Trust unitholders approved the internalisation of the management of the Trust, where BWPM and its subsidiary were purchased from Wesfarmers by the Trust's unitholders through a new entity, BWP Property Group Ltd. This resulted in the formation of a stapled group comprising the Trust and the Company. The stapled securities of the BWP Group comprise one unit in the BWP Trust and one share in BWPPG. Stapled securities cannot be traded or dealt with separately. The Trust and the Company remain separate legal entities in accordance with the Corporations Act 2001. BWP Trust continues to be managed by the responsible entity, BWPM, now a subsidiary of the Company, which is appointed under BWP Trust's constitution and operates under an Australian Financial Services Licence. BWP Trust was established in 1998 and was incorporated in Australia.