It is not a surprising move and likely a good one judging by a similar vehicle that Wesfarmers-owned Bunnings has used for the ownership structure of its warehouses. BWP Trust (ASX: BWP), formerly known as Bunnings Warehouse Property Trust, was established and listed in 1998 at $1 per unit. At the time the Trust was backed by $170 million worth of properties. Today the share price is at $2.30 and the Trust has nearly $1.4 billion in properties. Given how well the BWP Trust has worked at allowing capital to be focussed on growth rather than tied up in slower growing property assets, shareholders can expect a lot more properties over time to be rolled in to the JV.