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Invesco selling A$119M Kmart distribution center in Melbourne to Logos

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Invesco selling A$119M Kmart distribution center in Melbourne to Logos

Logos Property Pty. Ltd. bought the Kmart Distribution Centre in Truganina, Melbourne, its third acquisition in the suburb in the past month.

The 77,000-square-meter industrial property is fully leased to Kmart Australia and will be developed into a logistics estate offering 160,000 square meters of gross leasable area, according to a release.

American investment manager Invesco Ltd. sold the asset for A$119 million at an initial yield of approximately 5.45%, and the planned development could be worth between A$200 million and A$250 million, The Australian Financial Review reported Aug. 7.