Penske Automotive Group is continuing its expansion in Australia.

The global automotive giant announced it’s adding another location Down Under with an agreement to acquire Porsche Centre Melbourne from Porsche Retail Group Australia Pty Ltd.

The new addition will be Penske’s third Porsche store in Melbourne and its 25th worldwide.

In a news release, Penske said the acquisition is expected to add $130 million in annualized revenue, which would double the estimated annualized revenue for the three Porsche dealerships in Melbourne to $260 million.

The acquisition is expected to close by the end of 2024.

Penske owns more than 500 dealerships worldwide and operates in nine countries on four continents.

Earlier this year, the retailer announced it had finalized the deal to acquire its first dealerships in Australia, completing its acquisition of Porsche Centre Brighton and Porsche Centre Doncaster in Melbourne, Australia.

The deal, which was agreed to in April, gave Penske 24 Porsche dealerships worldwide and was expected to add $130 million in annual revenue.

The dealerships were added to the company’s commercial vehicle and power systems businesses in Australia and New Zealand.

“We are delighted to grow our presence in Australia while expanding our worldwide partnership with the Porsche brand,” Penske head of international operations Randall Seymore said in the news release earlier this year. “We look forward to representing Porsche and serving customers in this important market while leveraging our existing operations in Australia.”

When the agreement was announced it also included a Ducati dealership, but Penske said it elected to dispose of that store associated “for strategic reasons.”