Deka Immobilien has marked its return to the UK logistics market with the acquisition of a £153.8m (€176m) distribution centre from B&M European Value Retail.

The German real estate investor said it has bought Bedford DC Investment, which owns the freehold of the B&M distribution centre in Bedford.

The property – which has been leased back to B&M Retail – provides warehouse and ancillary accommodation extending to 1.01m sqft, set within a landscaped 64.65-acre site.

Deka said the acquisition marks its return to the UK logistics market following the company’s sale of Sainsbury’s distribution centre at Waltham Point in 2014.

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