BWP Trust (ASX:BWP) completed the institutional component of its fully underwritten one-for-12 accelerated non-renounceable pro rata entitlement offer at a fixed issue price of AU$3.77 per new security, raising gross proceeds of around AU$122 million, according to a Thursday Australian bourse filing.

Its institutional securityholders accounted for a take-up rate of around 98%. The gross proceeds included Wesfarmers' full entitlement of around AU$53 million.

Around 32 million new securities will be issued under the institutional entitlement offer at the issue price.

The fully underwritten retail component of the entitlement offer is expected to raise around AU$106 million and will open on May 12.