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It's a kepub-only ebook. That's Kobo's proprietary epub-ish format. They can't be downloaded and transferred the way an Adobe DRM EPUB can. The fact that it's epub3 isn't the real problem. You'd have the same problem with an epub2 Kobo kepub.
Get in the habit of sending the preview of an ebook you're thinking about buying to your Kobo library first (on the website). Then if you go to your library and you don't see the words "Adobe DRM epub" (or DRM-free epub) anywhere, then chances are that it's a kepub-only ebook--and there won't be a download button if you buy it. You get those books by syncing them to a kobo device or a kobo reading app.
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