ING So

ING Australia Holdings Limited ACN 008 459 596

GPO Box 3938 Sydney 2001 DX 10110 S.S.E.

347 Kent Street Sydney NSW 2000

Telephone (02) 9234 8111 Facsimile (02) 9299 1446

Company	Sydney Stock Exchange
Facsimile Number	1900 999 279
Attention	Manager Companies
ce:
From	Steve Rouvray
Date	25 January 2007
Number of pages including this page	-8
	02 9234 8403 If all pages are not received please telephone
Subject	FORM 604

Dear Sir

Attached please find Form 604 Notice of change in interests of substantial holder in relation to Bunnings Warehouse Property Trust.

Yours faithfully

S.S. Rouvray Secretary

ING®

$\ddot{\mathrm{t}}$

ING Australia Holdings Limited ACN 008 459 596

GPO Box 3938 Sydney 2001 DX 10110 S.S.E.

347 Kent Street Sydney NSW 2000

Telephone (02) 9234 8111 Facsimile (02) 9299 1446

25 January 2007

The Secretary Bunnings Warehouse Property Trust Level 11, Westfarmers House 40 The Esplanade PERTH W.A. 6000

Fax: 08 9327 4216

Dear Sir

Enclosed please find Form 604 Notice of change in interests of substantial holder.

Yours faithfully

S.S. Rouvray Secretary

ssnch:(SUBSHARE):6041et

$\ddot{\phantom{a}}$

page 1/2 15 July 2001 604

	Form 604
	Corporations Act 2001 Section 671B
	Notice of change of interests of substantial holder
To Company Name/Scheme	Bunnings Warehouse Property Trust
ACN/ARSN
1. Details of substantial holder(1)
Name	ING Australia Holdings Limited (and its related companies)
ACN/ARSN (if applicable)	008 459 596
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	19 / 01 / 2007 31/10/2006 09/11/2006

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3).
In when last required, and when now

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voring power (5)	Person's votes	Voting pawer (5)
Ordinary units	118681531	6.2D%	115513243	5.15%

3. Changes in relevant interests

Particulars of each change in or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the
substantial holder was last required to give

Person whose refevant interest. changed	Class and number of securities affected	Person's votes affected
Refer annexure B	---
		سمعه

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

-loider of elevant interest	Registered joide of securities.	Person entitled to be registered. as itolder (8)	Nature of relevant mterest (6)	Class and number of securities	Person's votes
	Refer Annexure Cl

page 2/2 15 July 2001 F.04

5. Changes in association

The persons who have become associates (2) or, coased to be associates of, or have changed the nature of their ossociation (9) with, the substantial horder in relation to voting interests in the company or scheme are as follows:

Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Namo	Address
	Refer Annexure C

Signature

print name g g ROUVRAY		capacity SECRETARY
sign here		date: 25 / 01 / 2007

DIRECTIONS

It there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an $(1)$ equity trust), the names could be included in an annexure to the form. If there evant interests or a group of persons are essentially similar, they may be referred to diroughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
See the definition of "associate" in section 9 of the Corporations Act 2001 $(2)$
See the definition of "relevant interest" in sections 608 and 6713(7) u. the Corporations Act 2001. $\left( 3\right)$
The voting shares of a company constitute one class unless divided into separate classes. $(4)$
The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
$|6\rangle$ Include details of:
any relevant agreement or other dircumstances because of which the change in relevant marrest occurred. If subsection 6718(4) applies, a copy of any $\left($ u $\right)$ comment setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or Zirangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to
which the relevant interest relates (indicating clearly the $\left{ \mathbf{h}\right}$

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become $(7)$ entitled to receive in relation to that acquisition. Details must be included even it the benefit is conditional on the happening or not or a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
If the substantial holder is unable to determine the identity of the person (eg. .) the relevant interest arises because of an option) write "unknown". W)
Cive details, if appropriate, of the present association and any change in that ossociation since the last substantial holding notice $\left( 9\right)$

ANNEXURE 'B'

Changes in relevant interests

$\overline{\phantom{a}}$

This is the annexure marked 'B' of 2 pages refarred to in form 604 Notice of a Change of Interests of Substantial shareholder signed by me on : als 3-5 -01-07

\$ S Rouvray

Secretary, ING Australia Holdings Limited

Dete of change	Parson whose relevant interest. changed	Naturo of change		relation to change	Consideration given in Class and number Person's volas of socialities affocted	affaciled
		Buy of Units on ASX	\$	25,781	11,911	11,911
30/1172006	L4641 L4541	Sale of Units on ASX	5	25,123	11,754	11,764
5/12/2006 6/12/2006	L4541	Sala of Units on ASX	\$	32,637	15,468	15,468
6/12/2006	L4541	Sale of Units on ASX	\$	95,955	45.557	45,557
7/12/2006	L454'	Sale of Units on ASX	\$	48,946	23,203	23.203
7/12/2006	L4541	$\overline{\text{s}}$ ale of Units on ASX	s	184.722	87,672	B7,672 71,336
11/12/2006	L4541	Sale of Units on ASX	\$	150,267 32,698	71,336 15.099	15,099
13/12/2006	L4541	Sale of Units on ASX Sale of Units on ASX	£ s	20,538	9.484	9,484
14/12/2006	L4541	Sale of Units on ASX	\$	34,419	15,894	15,894
15/12/2006 18/12/2008	L4541 L4541	Sale of Units on ASX	\$	6,596	3,047	3.047
21/12/2006	14541	Sale of Units on ASX	S	70,015	34.000	34,000
21/12/2006	L4541	Sale of Units on ASX	£	228.650	111,223	111,223
22/12/2006	L4541	Sale of Units on ASX	\$	13,811	6,590 46,713	6,590 46,713
2/01/2007	1.4541	Sale of Units on ASX Sale of Units on ASX	\$ \$	100,693 36,545	17,000	17,000
4/01/2007	L4541	Sale of Units on ASX	\$	247,168 -	115,000	115,000
19/01/2007	L4541 L4543	Buy of Units on ASX	5	7.335	3.339	3,369
30/11/2005 5/12/2006	14543	Sale of Units on ASX	2	$0,276$	3,075	3,675
6/12/2006	L4543	Sale of Units on ASX	\$	10,750	5,095	5,095
6/12/2006	1,4543	Sala of Units on ASX	Ŧ	$31,609$ $\vdash$	15,007	15,007 7.643
7/12/2006	L4543	Sale of Units on ASX	t	16,123	7,643 28,860	25,880
7/12/2006	L4545	Sale of Units on ASX Sale of Units on ASX	\$ \$	60,549 49,502	23,500	23,500
11/12/2006	L4545	Sale of Units on ASX	\$	10,899 -	5,033	5,033.
13/12/2006 14/12/2006	L4543 L4643	Sale of Units on ASX	\$	6,547	3,162	3,162
15/12/2006	14545	Sale of Units on ASX	5	11.473	5,29B	5.298
21/12/2006	L4543	Sale of Units on ASX	5	28,418	13,800	13,800
21/12/2006	L1543	Sale of Units on ASX	\$	65,178	31.705 13,460	31,705 13.460
2/01/2007	L4543	Sale of Units on ASX Sale of Units on ASX	£ τ	29.014 21,556	10,000	10,000
4/01/2007	L4543 L4543	Sale of Units on ASX	\$	75,225	35,000	35.000
19/01/2007 30/11/2006	CFSTEI	Buy of Units on ASX	ŧ	420	194	194
6/12/2006	CESTEI	Sale of Units on ASX	s	1.971	936	936
7/12/2006	CF5TE!	Sale of Units on ASX	\$	1.093	518	518
7/12/2006	CFSTEI	Sale of Units on ASX	\$	4.119	1,955	1,955
11/12/2006	CFSTEI	Sale of Units on ASX	\$	3,351	1.591 100	1,591. 100
13/12/2006	CFSTEI	Sale of Units on ASX	£ Ъ	217 273.	126	126
15/12/2006	CFSTEI	Sale of Units on ASX Sale of Units on ASX	\$	1.853	900	900
21/12/2006	CFSTEI CFSTEI	Sale of Units on ASX	5	4.138	2,013	2013
21/12/2006 2/01/2007	CFSTEI	Sale of Units on ASX	Б	1.707	792	792
4/01/2007	CFSTEI	Sale of Units on ASX	\$	0.467	3,000	3,000
19/01/2007	CFSTEI	Sale of Units on ASX	\$	3,224	1,500	1,500
30/11/2006	X1040	Buy of Units on ASX	T	1.258	581	581
6/12/2006	X1040	Sale of Units on ASX	Ъ	3.945	1.373 1.035	1,073 1,035
7/12/2006	$\times 1040$	Sale of Units on ASX	Ъ \$	2,183 E.238	3.910	3,910
7/12/2006	X1040 X1040	Sale of Units on ASX Sale of Units on ASX	\$	6.703	3.182	3,182
11/12/2006 13/12/7006	X1040	Sale of Units on ASX	\$	2,181	1.007	1,007
15/12/2006	X1040	Sale of Units on ASX	Ŧ	2.726	1,259	1.259
21/12/2006	X1040	Sale of Units on ASX	\$	2.677	1,300	1,300
21/12/2006	X1040	Sale of Units on ASA	\$	11.899	5,783	5,7B
2/01/1007	X1010	Sale of Units on ASX	Ŧ	5.119	2,375	2.375
4/01/2007	X1040	Sale of Units on ASX	5	2.156 $10,746$ $\blacksquare$	$1,000$ $\vert \cdot$ 5,000	1,000 5,000
19/01/2007	3,1040	Sale of Units on ASX	\$ \$	24 731	11 426	11.426
30/11/2U06	D9611	Buy of Units on ASX Sale of Units on ASX	\$	23,152	10.841	10,841
5/12/2006 6/12/2006	89611 00811	Sale of Units on ASX.	\$	30,078	14.255	14,255
6/12/2006	B9611	Sale of Units on ASX	\$	88.430	41.984	41.984
7/12/2006	B9611	Sale of Units on ASX	\$	45,107	21.353	21.383
7/12/1006	B9611	Sale of Units on ASX	5	170,233	80.795	80,795
11/12/1006	B9611	Sale of Units on ASX	5	138,484 34,876	65,742 16,105	65.742 16.105
13/12/2004	D9611	Sale of Units on ASX Sale of Units on ASX	5 5	21,909	10.117	10.117
14/12/2000	B9611 B9011	Sale of Units on ASX.	5	36.713	16,953	16,953
15/12/2506 18/12/2106	B9611	Sale of Units on ASX	\$	7,036	3,240	3,249
21/12/2996	89611	Sale of Units on ASX	\$	47,363	23,000 -	23,000

$\mathcal{A}^{\text{max}}_{\text{max}}$

$\mathcal{L}^{\text{max}}_{\text{max}}$ .

$\mathcal{L}(\mathcal{L}^{\mathcal{L}})$ . The set of $\mathcal{L}^{\mathcal{L}}$

				219.339 -	106.694	106.694
21/12/2006	80611	Sale of Units on ASX	\$ \$	13,249	6.322 -	6.322
22/12/2006	B9611	Sale of Units on ASX	Ŧ	93,867	$43,546$ $-$	43.546
2/01/2007	B9611	Sale of Units on ASX	\$	23.711	$11,000$ -	11,000
4/01/2007	B9611	Sale of Units on ASX	\$	247.168	115,000	115,000
19/01/2007	89611	Sale of Units on ASX	3	25,986	12,007	12,007
30/11/2006	T9101	Buy of Units on ASX	s	27,534	12,016	12.916
5/12/2006	19101	Sale of Units on ASX	τ	35,836	16,954	16,954
6/12/2006	T9101	Sale of Units on ASX	T	105,564	50.024	50.024
6/12/2006	T9101	Sale of Units on ASX	\$	53,743	25.477	25.477
7/12/2006	T9101	Sale of Units on ASX	t	202,834	96.268	96,268
7/12/2006	T9101	Sale of Units on ASX	T	165,002	78,331	78.531
11/12/2006	T9101	Sale of Unils on ASX	Ŧ	56,456	26.070	26.070
13/12/2006	T9101	Sale of Units on ASX	$\overline{\mathbb{1}}$	35,463	16,376	16,376
14/12/2006	T9101	Sale of Units on ASX	\$	59,429	27.443	27,443
15/12/2006	T9101	Sale of Units on ASX	τ	11,393	5,261	5,261
18/12/2006	T9101	Sale of Units on ASX	S	162,682	79,000	79.000
21/12/2005	T9101	Sale of Units on ASX	Ŧ	235.374	114.494	114,494
21/12/2005	T9101	Sale of Units on ASX Sale of Units on ASX	5	14.217	6,734	6,784
22/12/1004	T9101	Sale of Units on ASX	3	100,693	46,713	46.713
2/01/2007	T9101	Sale of Units on ASX	£	97,001	45,000	45,000
4/01/2007	79101	Sale of Units on ASX	S	254,690	118,500	118,500
19/01/2007	T9101		s	29,763	13.751	13,751
30/1.72006	T9302	Buy of Units on ASX Sale of Units on ASX	\$	$29,557$ -	13,840	13,840
5/12/2006	T9302	Sale of Units on ASX	\$	38,397	18,198	18,198
6/12/2006	T9302 T0302	Sale of Units on ASX	5	112,890	53,597	53,597
6/12/2006	T9302	Sale of Units on ASX	$\mathbf 5$	57,582	27,297	27,297
7/17/2006	T9202	Sale of Units on ASX	\$	$217,319$ -	103.145	103,143
7/12/2006	T9302	Sale of Units on ASX	Ŧ	$176,780$ -	83.925	83,925
11/12/2006	T9302	Sale of Units on ASX	5	$37.057$ -	17.112	17,112
13/12/2003	T9202	Sale of Units on ASX	s	23,27B	10.749	10.749
14/12/2000 15/12/2006	T9302	Sale of Units on ASX	Ŧ	$39,006$ $\leftarrow$	18,012	18,012
15/12/2006	19302	Sale of Units on ASX	Ŧ	7.478	3.453	3,453
21/12/2000	T9302	Sale of Units on ASX	\$	55,600	27,000	27,000
21/12/2006	T9302	Sale of Units on ASX	\$	263,310	120,083	128,083
22/17/2006	T9302	Sale of Units on ASX	5	15,902	7,588	7,588
2/01/2007	19302	Sale of Units on ASX	$\pmb{\mathbb{S}}$	112.639	52,255	52.255
4/01/2007	T9302	Sale of Units on ASX	s	28,022	13,000	13,000
19/01/2007	T0302	Sale of Units on ASX	τ	902.700	420.000	420,000

$\frac{1}{2}$

ANNEXURE 'C'

$\cdot$

Present relevant interests

This is the annexure marked 'C' of 1 page referred to in the Notice of 604 a Change of Interests of Substantial shareholder signed by me on: 2-5, 0 t _ © 9

S & Rouvray
Secretary, ING Australia Holdings Limited

Holder of (vievant interact	Registment hulder of securities	Person entitled to be registered as holder	i Nature of relevant Internat	NEWS OF JOIN AND interest.	Lucia ano militiro l of successities
		ING Funds Management Ltd as Responsible Enlily	Relevant interest arising pursuant to section 608(1) of the
	ANZ Managed		Corporations
	Investments Limited C/- ANZ Nominees Limited		Act.	10.450.026	10,450,025
ING Group	ANZ Nominees Limiled	ING Life Ltd Statutory as Responsible Entity	As above
ING Group	LFG Holdings Pty Ltd			4,458,790	4,456,790
	Citicorp Nominees Ply ∖Limitad as Custodian for i	ING Investment Management Limited as Responsible Enlity	As above
	Commonwealth Property Fund 5			186,510	186,510
ING Group	Citicorp Nominees Pty 'Limited Custodian for CFS!	ING Investment Management Limited as Responsible Entity	As above
	Tax Effective Income Fund			61.557	61.667
ING Group ING Group	IING New Zealand	ING New Zealand	As above	356,050	356,050

$-15,513.243$ $15,615,243$

ANNEXURE

ING Group

. Name	Address	Abbreviation"
ING Groep N.V. and its related	ING House.	ING Group
bodies corporate	Armstelveenseweg 500
	1081 KL Amsterdam
	Netherlands
ING Australia Holdings Limited	Level 1, 347 Kent Street	ING Holdings
	Sydney NSW 2000
ING Investment Management	Level 1, 347 Kent Street	ING Investment Management
Limited (Formerly Mercantile	Sydney NSW 2000
Mutual Investment
Management Limited
ING Management Limited	Level 6, 345 George	ING Management Limited
	Street, Sydney NSW 2000
	ING Real Estate	ING Real Estate Investment Management
liNG Real Estate International	International Schenkkard	Australia Pty Limited
Investments III BV	65 The Netherlands
	GPO Box 2842AA	ANZ Nominees
ANZ Managed Investments C/-	Melbourne VIC 3001
ANZ Nominees Limited ANZ Nominces Limited	GPO Box 2842AA.	ANZ Nominees Limited
	Melbourne VIC 3001
Cogent Nominees Pty Limited	Cogent Nominces Pty	Cogent Nominees Pty Limited (ENP Nominees)
	Limited PO Box R209
	Royal Exchange NSW
	1225
Citicorp Nominaes Pty Limited	GPO Box 764G	Citicano Naminees
	Melbourne VIC 3001
J P Morgan Nominees Australia Locked Bag 7 Royal		J P Morgan Nominees Australia Limited
Limited	Exchange Sydney NSW	k.
	2001
National Nominees Limited	Level 5 South 271 Collins	National Nominees Limited
	Street Melbourne VIC
	3000	Premier Naminees Limited
Premler Nominees NO 1	No.1 Account C/-
Account Limited	Armstrong Jones (New Zealand Limited PO Box.
	7149 Wellesley Strect
	Auckland 1036 New
	Zealand
RBC Global Services Australia	GPO Bax 5430 Sydney	RBC Global Services
Nominees Pty Limited	NSW 2000

AI assistant

BWP GROUP Major Shareholding Notification 2007

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