The Bunnings Warehouse Property Trust will be expanding its portfolio with the acquisition of 10 Bunnings Warehouse stores and three properties.

Worth $241.7 million, the acquisition will be funded by a mix of the trust’s existing debt and the sale of new shares, which is expected to raise approximately $150 million.

“The portfolio acquisition adds substantially to the trust’s existing portfolio and is expected to provide unitholders with a secure, growing income stream and long-term capital growth , consistent with the trust’s objectives,” Grant Gernhoefer, Bunnings Property Management general manager, said.

Bunnings Group said it will lease the three Bunnings Warehouses once the developments are completed for an initial fixed term of 10 years, with a further five optional terms of five years each.

The warehouse location centres are located throughout NSW, Queensland, Victoria and Western Australia.