Wesfarmers to Wind Down BPI Property Structure

Wesfarmers has announced plans to dissolve its BPI property structure in September 2025. As part of this move, the company will take full ownership of 15 Bunnings warehouse properties.

Background on BPI

BPI was established in 2013 as a special purpose vehicle for a securitised lease transaction. This structure was used to facilitate a specific financial arrangement.

Impact on Wesfarmers’ Financials

The dissolution of BPI is expected to have a significant impact on Wesfarmers’ asset base. However, the company’s financial performance remains unclear at this time.

Comparison with Other Companies

Other companies, such as Diversified United Investment Limited and Australian United Investment Company Limited, have reported their net tangible asset backing per share as of February 2025. Wesfarmers’ financials are not directly comparable to these reports.

Key Dates

• September 2025: BPI property structure to be wound down
• 2013: BPI established as a special purpose vehicle