Demand for large-format trophy assets from private and institutional investors has lifted the value of ASX-listed Bunnings landlord BWP Trust’s real estate portfolio to $3 billion in the past financial year, after it booked a net valuation gain of $372 million, or 14 per cent, according to full-year results.

This uplift – which came despite the trust making no acquisitions – helped lower BWP’s gearing to just 15 per cent, bolstering its balance sheet against rising interest rates and construction costs as it navigates an uncertain market environment.