Bunnings sells 10 properties for $271m

Hardware retailer Bunnings has sold 10 properties to a trust part-owned by its parent Wesfarmers for $271 million.

Bunnings has sold 10 properties to real estate investor BWP Trust for more than $271 million, and will lease them back from the trust.

BWP already owns 74 Bunnings properties.

Bunnings is owned by industrial, mining and retail conglomerate Wesfarmers, which is also the largest unitholder in BWP.

Bunnings said it would gain more than $271 million from the latest sale and leaseback deal.

It also said it was involved in talks with other parties for a separate sale and leaseback agreement potentially worth more than the latest BWP Trust deal.

Wesfarmers shares were 61 cents higher at $41.00 at 1319 AEST.