13 February 2008

The Manager Company Announcements Office Australian Securities Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000

Dear Sir

RESULTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

In accordance with ASX Listing Rule 4.2A, the following documents are attached for release to the market:

Press Release
Appendix 4D Half-Year Results Announcement
Financial Statements for the Half-Year Ended 31 December 2007
KPMG Independent Review Report

It is recommended that the half-year financial report is read in conjunction with the annual financial statements as at 30 June 2007 together with public announcements made by the Trust in accordance with the continuous disclosure obligations arising under the ASX Listing Rules and the Corporations Act 2001.

A M NIARDONE COMPANY SECRETARY

ARSN 088 581 097

13 February 2008

Interim distribution of 6.55 cents per unit

The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, today announced distributable profit of \$19.8 million for the half-year ended 31 December 2007, an increase of 2.0 per cent on the distributable profit of \$19.4 million earned in the comparative period last year.

Total revenue from continuing operations for the period was \$31.9 million, up by 11.1 per cent from the comparative period last year due to the additional income received from additions to the property portfolio and rent reviews.

The fair value of Trust properties increased by 2.4 per cent to \$973.0 million during the six months to 31 December 2007.

Interim distribution

An interim distribution of 6.55 cents per ordinary unit has been declared. This is an increase of 2.0 per cent on the prior corresponding period (6.42 cents per unit).

Interim distributions will be made on 29 February 2008 to unitholders on the Trust's register as at 5.00pm on 31 December 2007.

The estimated tax advantaged component of the distribution is 24.57 per cent.

In view of the gearing level of the Trust the Directors have resolved to keep the Distribution Reinvestment Plan suspended until further notice.

Finance

As at 31 December 2007 the Trust's total assets had increased to \$993.5 million with unitholders' equity of \$691.9 million and total liabilities of \$301.6 million. The net tangible asset backing increased by 6 cents per unit to \$2.30 per unit as at 31 December 2007.

Finance costs of \$8.5 million were 31.6 per cent higher than the comparative six months due to a 27.3 per cent increase in average level of debt from \$208.3 million to \$265.1 million and an increase in weighted average interest rates (after hedging) from 5.98 per cent to 6.24 per cent.

The management expense ratio, which is based on annualised expenses other than borrowing costs, was in line with the previous corresponding period.

The Trust's gearing ratio (debt to total assets) at 31 December 2007 was 27.2 per cent, within the preferred range of 20 to 40 per cent.

As at 31 December 2007 the Trust has the following loan facilities:

	Limit \$000	Amount \$000	Expiry
Australia and New Zealand Banking Group Limited	100,000	93,400	31 January 2009
National Australia Bank Limited	100,000	98,500	31 March 2008	(a)
Westpac Banking Corporation	50,000	50,000	28 November 2008	(b)
Westpac Banking Corporation	30,000	30,000	31 July 2008	(b)
	280,000	271,900

(a) Review date only

(b) Prior to 31 December 2007 Westpac offered to combine the two limits and extend the facility to 28 September 2009.

An additional facility with Commonwealth Bank of Australia was entered into, but not activated as at 31 December 2007 (see Events subsequent below).

At 31 December 2007, the Trust's hedging cover was 82.1 per cent of borrowings, with \$221.5 million interest rate swaps against interest bearing debt of \$269.9 million. The weighted average term to maturity of hedging was 2.52 years including delayed start swaps. The average interest rate paid on debt after hedging and including margins for the six month period was 6.24 per cent, compared with 5.98 per cent for the previous corresponding period.

Property portfolio

Total capital expenditure on the portfolio during the half-year amounted to \$8.6 million, including the items outlined below.

During the half-year the Trust purchased a 1.2 hectare property immediately adjoining the Trust's Bunnings Warehouse in Geraldton, Western Australia. The property was acquired from a wholesale property investor for a purchase price of \$2.9 million. The Trust spent a further \$0.5 million to upgrade the existing building into two bulky goods/retail tenancies. The main tenancy of 1,200 square metres was leased to national leisure retailer Boating, Camping, Fishing in November 2007, for an initial term of eight years with two options for a further five years each exercisable by the tenant. A leasing agent has been engaged to find a suitable tenant for the remaining 391 square metre tenancy.

Mechanical ventilation systems were installed into seven of the existing Trust owned Bunnings Warehouse stores located in south-east Queensland and northern New South Wales at a cost of \$1.5 million with a pay back period of five years. A minor extension was completed at the Trust's property in Regency Park, South Australia at a cost of \$0.2 million which will result in a yield of 7.6 per cent per annum.

During the half-year a \$3.4 million upgrade of the Trust's Bunnings Warehouse in Morayfield, Queensland, was completed by Bunnings Group Limited as project manager for the Trust. The additional rent to the Trust as a result of the upgrade will be \$273,000 per annum commencing February 2008.

At 31 December 2007 the weighted average lease expiry term of the portfolio was 7.4 years.

ASX MEDIA RELEASE

Market rent reviews

During the period market rent reviews were scheduled for three properties, two of which have been agreed and one is currently being negotiated.

For the Bunnings Warehouse at Dandenong, Victoria, both parties have agreed to an 11 per cent increase in the rent, effective from November 2007. Rent at the Fyshwick Bunnings Warehouse in the Australian Capital Territory remained the same as it was considered to be at the market level. Negotiations are continuing regarding the market rent at the Hervey Bay Bunnings Warehouse.

In addition, the market rent review relating to the Bunnings Warehouse at Oakleigh South, Victoria, which was due in March 2007, was determined by an independent valuer during the period. The result was an increase of 0.5 per cent in annual rent.

Revaluations

During the half-year the entire Trust portfolio was revalued in accordance with Australian Equivalents to International Financial Reporting Standards (AIFRS).

Six property revaluations during the period were performed by independent valuers. The remaining 52 properties were subject to directors' revaluations. The directors' revaluations are reviewed by an independent valuer.

The net gain of \$14.2 million as a result of the revaluations is recorded as an unrealised gain in the Income and Distribution Statement and will not be distributed to unitholders. The net revaluation gain was predominantly a result of growth in rental income from the portfolio.

As a result of the net revaluation gain of \$14.2 million and capital expenditure of \$8.6 million the value of the portfolio increased to \$973.0 million as at 31 December 2007.

Events subsequent

On 14 January 2008 the Trust commenced an evergreen cash advance facility with the Commonwealth Bank of Australia. The facility has a limit of \$100 million and is committed until January 2010, with the first programmed review in October 2008 for extension to January 2011 at the bank's option.

On 15 January 2008, the Trust purchased a 4.1 hectare industrial property in Melbourne's eastern suburb of Blackburn, Victoria, approximately 18 kilometres from the Melbourne CBD. The property was acquired from a property syndicate for a purchase price of \$19.0 million The property features a fully leased industrial office/warehouse facility with a gross lettable area of 20,464 square metres, generating net annual rental income of approximately \$1.43 million.

During January 2008 the Trust changed audit firms from Ernst and Young to KPMG. The change means that the responsible entity will have a different auditor to its related parties, Wesfarmers Limited (which is a substantial unitholder of the Trust and owns the responsible entity) and Bunnings Group Limited (the main tenant of Trust properties and also a subsidiary of Wesfarmers Limited).

E	Outlook
S A E L	Bunnings Warehouses will continue to be the primary focus for growth, from improvements to existing properties, rent reviews and acquisitions. However, other acquisition opportunities (such as the Geraldton property acquired during the half-year and the Blackburn property acquired in January 2008) will be considered where they meet the Trust's investment criteria and are considered to be in the best interests of unitholders.
E R	Factors that are likely to constrain growth opportunities in the short to medium term are the low yields typically derived from properties acquired in the current market, increasing funding costs and the impact of management fees.
A I D	For further information please contact:
E M	Grant Gernhoefer General Manager, Bunnings Property Management Limited
X	Telephone: (08) 9327 4318 E-mail: [email protected] Website: http://www.bwptrust.com.au
S A

BUNNINGS WAREHOUSE PROPERTY TRUST ARSN 088 581 097

APPENDIX 4D – HALF-YEAR REPORT

Financial half-year ended 31 DECEMBER 2007

Results for announcement to the market

(Comparative information is for the half-year ended 31 December 2007)

				\$A'000
Revenues from continuing operations	up	11.11 % to		31,947
Net profit from continuing operations attributable to members*	down	70.15% to		33,938
Net profit for the period attributable to members	down	70.15% to		33,938


Distributions				Amount per security
Interim Distribution				6.55 cents
Previous corresponding period				6.42 cents
Record date for determining entitlements to the distribution 31 December 2007
The Bunnings Warehouse Property Trust Distribution Reinvestment Plan remains suspended.
It is recommended that the half-year financial report is read in conjunction with the annual financial statements as at 30 June 2007 together with public announcements made by the Trust in accordance with the continuous disclosure obligations arising under the ASX Listing Rules and the Corporations Act 2001.
			Dec 2007	Dec 2006
* Net profit before unrealised items Unrealised items (gain in fair value of investment properties) Net profit from continuing operations	up	2.05% to	19,758 14,180 33,938	19,362 94,319 113,681

BUNNINGS WAREHOUSE PROPERTY TRUST

Half-Year Financial Report

for the half-year ended 31 December 2007

Bunnings Warehouse Property Trust Condensed Income Statement & Distribution Statement For the half-year-ended 31 December 2007

	December	December
	2007	2006
	\$000	\$000
INCOME STATEMENT
Rental income	30,583	27,960
Other property income	1,238	589
Interest income	126	158
Other income	-	42
Total income	31,947	28,749
Change in fair value of investment properties	14,180	94,319
Responsible entity's fees	(2,794)	(2,177)
Other operating expenses	(847)	(714)
Net profit before finance costs	42,486	120,177
Finance costs	(8,548)	(6,496)
Net profit attributable to unitholders of Bunnings Warehouse Property Trust	33,938	113,681
DISTRIBUTION STATEMENT Net profit attributable to unitholders of Bunnings
Warehouse Property Trust	33,938	113,681
Undistributed income at the beginning of the period	339,051	171,199
Distributions paid or payable	(19,744)	(19,352)
Undistributed income at the end of the period	353,245	265,528
Basic and diluted earnings (cents per unit) for the half-year	11.3	37.5
Basic and diluted earnings (cents per unit) for the half-year excluding unrealised gain in fair value of properties	6.55	6.42
Interim distribution (cents per unit) for the half-year	6.55	6.42

The condensed income statement and distribution statement should be read in conjunction with the accompanying notes.

Bunnings Warehouse Property Trust Condensed Balance Sheet As at 31 December 2007

	December 2007	June 2007	December 2006
	\$000	\$000	\$000

Assets
Current assets
Cash assets	7,870	5,122	5,707
Other receivables (see Note 2)	3,384	1,108	1,585
Derivative financial instruments	184	143	57
Total current assets	11,438	6,373	7,349
Non-current assets
Investment properties (see Note 3)	973,000	950,200	834,400
Other receivables	850	850	850
Derivative financial instruments	8,253	5,962	4,134
Total non-current assets	982,103	957,012	839,384
Total assets	993,541	963,385	846,733

Liabilities Current liabilities
Payables (see Note 4)	11,956	9,691	8,386
Distribution payable	19,744	19,774	19,352
Total current liabilities	31,700	29,465	27,738
Non-current liabilities
Interest-bearing loans and borrowings (see Note 9)	269,942	258,552	219,063
Total non-current liabilities	269,942	258,552	219,063
Total liabilities	301,642	288,017	246,801
Net assets	691,899	675,368	599,932

Unitholders' equity
Issued capital	330,233	330,233	330,233
Reserves	8,421	6,084	4,171
Undistributed income	353,245	339,051	265,528
Total unitholders' equity	691,899	675,368	599,932
Net tangible asset backing per unit	\$2.30	\$2.24	\$1.98

The condensed balance sheet should be read in conjunction with the accompanying notes.

Bunnings Warehouse Property Trust Condensed Cash Flow Statement For the half-year ended 31 December 2007

	December	December
	2007	2006
	\$000	\$000

Cash flows from operating activities
Rent received	35,759	31,409
Payments to suppliers	(7,241)	(3,467)
Payments to the responsible entity	(2,648)	(2,111)
Interest received	127	158
Finance costs	(9,645)	(6,360)
Net cash flows from operating activities	16,352	19,629
Cash flows from investing activities
Payments for purchase of, and additions to, the Trust's property investments	(5,220)	(19,036)
Net cash flows used in investing activities	(5,220)	(19,036)
Cash flows from financing activities
Proceeds of borrowings	11,390	18,164
Distributions paid	(19,774)	(19,262)
Net cash flows used in financing activities	(8,384)	(1,098)

Net increase/(decrease) in cash	2,748	(505)
Cash at the beginning of the period	5,122	6,212
Cash at the end of the period	7,870	5,707

The condensed cash flow statement should be read in conjunction with the accompanying notes.

Bunnings Warehouse Property Trust Condensed Statement of Changes in Equity For the half-year ended 31 December 2007

	Issued capital \$000	Undistributed income \$000	Hedge reserve \$000	Total \$000
Balance at 1 July 2006	330,233	171,199	3,067	504,499
Change in fair value of hedge derivatives	-	-	1,104	1,104
Total income and expense for the period recognised directly in equity	-	-	1,104	1,104
Net profit for the period	-	113,681	-	113,681
Total recognised income and expense for the period	-	113,681	1,104	114,785
Distributions payable	-	(19,352)	-	(19,352)
Balance at 31 December 2006	330,233	265,528	4,171	599,932
Balance at 1 July 2007	330,233	339,051	6,084	675,368

Change in fair value of hedge derivatives	-	-	2,337	2,337
Total income and expense for the period recognised directly in equity	-	-	2,337	2,337
Net profit for the period	-	33,938	-	33,938
Total recognised income and expense for the period	-	33,938	2,337	36,275
Distributions payable	-	(19,744)	-	(19,744)
Balance at 31 December 2007	330,233	353,245	8,421	691,899

The condensed statement of changes in equity should be read in conjunction with the accompanying notes.

1 BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL REPORT

The financial report of Bunnings Warehouse Property Trust (the Trust) for the half-year ended 31 December 2007 was authorised for issue in accordance with a resolution of the directors on 13 February 2008. The Trust was constituted under a Trust Deed dated 18 June 1998 as amended. The Trust is managed by Bunnings Property Management Limited. Both the Trust and the responsible entity are domiciled in Australia.

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Trust as the full financial report.

The half-year financial report should be read in conjunction with the annual financial report of the Trust as at 30 June 2007.

It is also recommended that the half-year financial report be considered together with any public announcements made by the Trust during the halfyear ended 31 December 2007 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

(a) Basis of accounting

The half-year financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Constitution of the Trust and Australian Accounting Standards. The half-year financial report has been prepared on an historical cost basis, except for investment properties and derivative financial instruments that have been measured at fair value.

The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars (\$'000) under the option available to the Trust under ASIC Class Order 98/0100.

For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.

(b) Statement of compliance

The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AIFRS). The financial report also complies with International Financial Reporting Standards (IFRS).

(b) Statement of compliance (continued)

The Trust has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB), that are relevant to its operations and effective for financial reporting periods beginning on or before 1 July 2007. The adoption of these standards has given rise to additional disclosure but did not have a material effect on the financial statements of the Trust.

2 Other receivables

Other receivables include a deposit of \$1.9 million paid by the Trust for the acquisition of an investment property in Blackburn, Victoria (see Note 10).

3 Investment properties

	Balance at 30 June 2007 \$000	Movement during the period \$000	Balance at 31 December 2007 \$000
Purchase price	402,255	2,897	405,152
Acquisition costs	24,366	187	24,553
Capital improvements since acquisition	184,538	5,536	190,074
Fair value adjustment	339,041	14,180	353,221
Fair value	950,200	22,800	973,000

3 Investment properties (continued)

Investment properties are carried at fair value. Fair value for individual properties is determined by a full independent valuation completed at least every three years by an independent valuer who holds a relevant professional qualification and has recent experience in the location and category of the investment property. During the six months to 31 December 2007, six property revaluations were performed by independent valuers.

Properties that have not been independently valued as at a balance date are carried at fair value by way of Directors' valuation. The methodology and assumptions of the Directors' valuations are subject to an independent verification process by an independent valuer with relevant professional qualifications and experience.

During the half-year the Trust purchased a 1.2 hectare property immediately adjoining the Trust's Bunnings Warehouse in Geraldton, Western Australia. The property was acquired from a wholesale property investor for a purchase price of \$2.9 million. The Trust spent a further \$0.5 million to upgrade the existing building into two bulky goods/retail tenancies. The main tenancy of 1,200 square metres was leased to national leisure retailer Boating, Camping Fishing in November 2007, for an initial term of eight years with two options for a further five years each exercisable by the tenant. A leasing agent has been engaged to find a suitable tenant for the remaining 391 square metre tenancy.

During the half-year mechanical ventilation systems were installed into seven of the existing Trust owned Bunnings Warehouse stores located in south-east Queensland and northern New South Wales at a cost of \$1.5 million and a minor extension was completed at the Trust's property in Regency Park, South Australia at a cost of \$0.2 million.

During the half-year a \$3.4 million upgrade of the Trust's Bunnings Warehouse in Morayfield, Queensland, was completed by Bunnings Group Limited as project manager for the Trust.

4 Payables

Payables include \$3.4 million for the upgrade of the Trust's Bunnings Warehouse in Morayfield, Queensland, (see Note 3) which was completed during the half-year but had not been finalised for payment as at 31 December 2007.

5 Segment reporting

The Trust operates wholly within Australia and derives rental income from investments in commercial property.

6 Issued capital

There was no movement in ordinary units on issue during the current period.

7 Capital expenditure commitments

	December 2007	December 2006
Estimated capital expenditure contracted for at	\$000	\$000
balance date, but not provided for, payable:
Not later than one year
Unrelated Parties	24,000	-
Related Parties	2,900	5,758
Later than one year and not later than five years
Unrelated Parties	-	-
Related Parties	6,700	6,700
	33,600	12,458

Maribyrnong, Victoria

In June 2001, the Trust acquired a 3.4 hectare development site at Maribyrnong for a purchase price of \$7.1 million. At the time of the acquisition the Trust accepted a proposal from Bunnings Group Limited to develop a Bunnings Warehouse on the site for \$6.7 million. Under the terms of the proposal, the Trust will receive an annual rental of \$1,250,000 when a Bunnings Warehouse is developed on the site.

Mile End, South Australia

In October 2006 the Trust committed to upgrade works at the Mile End property for an estimated cost of \$2.4 million. The incremental rent for the property following the upgrade will be eight per cent of the final development cost per annum (for example, \$188,000 per annum based on the anticipated \$2.4 million expenditure).

Hawthorn, Victoria

In April 2007 the Trust acquired a 0.84 hectare development site in Hawthorn for a purchase price of 19.4 million. A Bunnings Warehouse is to be developed on the site, with completion anticipated late in the 2008 calendar year at a cost to the Trust on completion of \$24.0 million. Until the development is complete the developer is responsible for outgoings on the property and pays the Trust land rent, covering the Trust's holding costs. Upon completion of the development, Bunnings Group Limited will pay the Trust an annual rent of \$2,710,000 per annum.

Tuggeranong, Australian Capital Territory

In November 2007 the Trust committed to fund the installation of mechanical ventilation at the Trust's Tuggeranong Bunnings Warehouse at an estimated cost of \$0.5 million. The incremental rent for the property as a result of these works will be eight per cent of the final development cost per annum.

8 Contingent assets and liabilities

There have been no material changes since the last annual reporting date.

9 Loans and borrowings

As at 31 December 2007 the Trust has the following loan facilities:

	Limit \$000	Amount drawn \$000	Expiry
Australia and New Zealand Banking Group Limited	100,000	93,400	31 January 2009
National Australia Bank Limited	100,000	98,500	31 March 2008 (a)
Westpac Banking Corporation	50,000	50,000	28 November 2008 (b)
Westpac Banking Corporation	30,000	30,000	31 July 2008 (b)
	280,000	271,900

(a) Review date only
(b) Prior to 31 December 2007 Westpac has offered to combine the two limits and extend the facility to 28 September 2009

See Note 10 regarding an additional facility entered into but, not activated as at 31 December 2007.

10 Events after the balance sheet date

On 14 January 2008 the Trust commenced a cash advance facility with the Commonwealth Bank of Australia. The facility has a limit of \$100 million and is committed until January 2010, with a programmed review in October 2008 for extension to January 2011 at the bank's option.

On 15 January 2008, the Trust purchased a 4.1 hectare industrial property in Melbourne's eastern suburb of Blackburn, Victoria approximately 18 kilometres from the Melbourne CBD. The property was acquired from a property syndicate for a purchase price of \$19.0 million The property features a fully leased industrial office/ warehouse facility with a gross lettable area of 20,464 square metres, generating net annual rental income of approximately \$1.43 million.

In accordance with the Corporations Act 2001, Bunnings Property Management Limited (ABN 26 082 856 424), the responsible entity of Bunnings Warehouse Property Trust, provides this report for the financial half-year ended 31 December 2007 and review report thereon. The information on page 2 to 10 forms part of this directors' report and is to be read in conjunction with the following information:

Directors

The names of directors of the responsible entity in office during the financial half-year and until the date of this report were:

W H Cairns (retired 5 December 2007) J A Austin P J Mansell P J Johnston R Higgins (appointed 5 December 2007)

Directors were in office for the entire period unless otherwise stated.

Review and results of operations

The operations of the Trust during the six months to 31 December 2007 and the results of those operations are reviewed on pages 7 to 11 of this report and the accompanying financial statements.

	2007	2006
	\$000	\$000

Net profit	33,938	113,681

Distributable income for the period	19,759	19,362
Opening undistributed profit	9	18
Distributable income	19,768	19,380

The interim distribution is 6.55 cents per ordinary unit (2006: 6.42 cents). This interim distribution will be made on 29 February 2008.

Units on issue

At 31 December 2007, 301,435,539 units of Bunnings Warehouse Property Trust were on issue (30 June 2007: 301,435,539).

Lead Auditor's Independence Declaration

The directors received the following declaration from the external auditor:

Rounding Off

The responsible entity is of a kind referred to in ASIC Class Order 98/100 Dated 10 July 1998 and in accordance with that class order, amounts in the financial report and the directors' report have been rounded off to the nearest thousand dollars, unless otherwise stated.

Signed in accordance with a resolution of the directors of Bunnings Property Management Limited.

J A Austin Chairman Bunnings Property Management Limited Perth, 13 February 2008

In accordance with a resolution of the directors of Bunnings Property Management Limited, responsible entity for the Bunnings Warehouse Property Trust (the Trust), I state that:

In the opinion of the directors:

(a) the financial statements and notes of the Trust are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Trust's financial position as at 31 December 2007 and of its performance for the half-year ended on that date; and
(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable.

For and on behalf of the board of Bunnings Property Management Limited.