Wesfarmers expects to book a $80 million to $130 million one-off pre-tax profit related to its winding up of its BPI No 1 property structure in September.

The company said the surplus reflects the estimated fair value uplift associated with the asset and the unwinding of the structure.

The wind-up will result in Wesfarmers taking full ownership of the 15 Bunnings warehouse properties in the structure, repaying all BPI noteholders when the notes mature in September.

Wesfarmers will undertake a strategic review of the Bunnings properties and explore various capital management options once the structure is unwound.

BPI was set up by Wesfarmers in 2013 as a wholly-owned special purpose vehicle to facilitate the sale and leaseback of the properties via a securitised lease transaction.

BPI issued 12-year senior secured notes to investors to fund the sale and leaseback.

Last month, Wesfarmers reported its net profit rose 2.9 per cent to $1.47 billion during the first half.