• Fully underwritten 1 for 12 accelerated non-renounceable pro rata entitlement offer to raise approximately $228 million
• Committed pipeline of $163 million in accretive developments, asset expansions and upgrades
• FY26 distribution guidance of 19.41 cents per security reaffirmed

BWP Trust ('BWP') today announces an opportunity for securityholders to enable and support future growth in its business by way of a fully underwritten entitlement offer to raise approximately $228 million. The key highlights include a fully underwritten 1 for 12 accelerated non-renounceable pro rata entitlement offer at a fixed issue price of $3.77 per new security, a committed pipeline of $163 million in accretive developments, asset expansions and upgrades, and reaffirmation of FY26 distribution guidance of 19.41 cents per security. Over the past two years, BWP has successfully deployed over $700 million of capital, including the $517 million acquisition of NPR and the $143 million internalisation of management. BWP currently has a pipeline of $163 million in capital commitments, including four large format retail projects totalling $78 million. Proceeds from the entitlement offer will be used to fund these capital commitments and provide balance sheet capacity for future growth opportunities. BWP's portfolio has evolved substantially, with increased participation in the large format retail sector where continued tenant strength and an undersupply of lettable area is driving an attractive rental growth outlook. Wesfarmers, BWP's largest securityholder, has committed to take up its full entitlement under the offer, representing a commitment of approximately $53 million. The entitlement offer is fully underwritten by Morgan Stanley Australia Securities Limited.

BWP reaffirms FY26 distribution guidance of 19.41 cents per security.

BWP continues to actively seek opportunities to grow its portfolio and market position in the large format retail sector, driven by attractive rental growth outlook.