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Budget retail group B&M has sold one of the country's biggest distribution facilities to German firm Deka Group.

The Liverpool-based retailer said the deal for Bedford Distribution Centre is worth £150m, and the building has been immediately leased back to B&M.

The deal involved the sale of Bedford DC Investment Limited, which covers the freehold of the property in the South East, to WestInvest Gesellschaft fur Investmentfonds, part of the Deka Group of companies.

It's believed the depot will service 50 of the company's stores, with that number set to rise to 250 by the middle of the year.

A statement from the firm said: “B&M has now committed to a 20-year lease at this facility and are currently recruiting for a wide range of roles.”