The prices being paid by private investors for Bunnings stores don't stack up for the country's biggest owner of the DIY warehouses, ASX-listed BWP Trust, according to its chief executive Michael Wedgwood.

Presenting the $2.35 billion Bunnings owner's interim results, where its full-year distribution guidance was upgraded, Mr Wedgwood said BWP had the "capital structure" to make acquisitions, but was worried about the metrics upon which the latest deals were being struck.