Wesfarmers (ASX:WES) is set to wind up the BPI No. 1 property structure in September, which includes taking full ownership of the 15 Bunnings warehouse properties, according to a Friday filing with the Australian bourse.
Wesfarmers will repay all holders of BPI notes that are due in September. Subject to an independent valuation, the company expects a one-off pre-tax profit of between AU$80 million and AU$130 million in the fiscal year ending June 30 in relation to the transaction, per the filing.
Wesfarmers said it will conduct a strategic review of the properties, including potential capital management options.
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