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.