Rent reviews, acquisitions and improvements to investment properties helped increased the income for Bunnings Warehouse Trust Property.

The total income for the six months period to 31 December was $40.4 million, an increase of 3.6 per cent from $38.9 million over the comparative period last year.

In a statement released to the ASX, the trust said it will continue to pursue better returns from exiting assets, acquisitions of commercial properties and effective management of its capital.

“While Bunnings Warehouses remain the preferred target for acquisitions, other assets will be considered, selectively that provides similar characteristics to Bunnings Warehouse properties by having a large area, being well located and with a quality tenant under longer-term lease,” the company said.

“The aim is to acquire properties that will provide a sound income stream and long term capital growth.”

In December 2010, the trust purchased an established Bunnings Warehouse in the Melbourne suburb of Port Melbourne, Victoria. The property was acquired from an institutional owner for $25.4 million. The three hectare property comprised of a total retail and office area of 13,846 square metres.