Deka Immobilien has bought a distribution unit let to Sainsbury’s in Waltham Cross for £63m in its first UK distribution deal.

Deka has bought the long leasehold on the 705,000 sq ft warehouse, which is let to Sainsbury's for a further 21 years.

Simon Barrowcliff, executive director of CB Richard Ellis capital markets, which advised Deka, said: ‘This purchase underlines Deka’s broader commitment to the UK market, where they continue to see value for money. More broadly speaking, the acquisition demonstrates the continued foreign investment in the UK despite the difficult current market conditions.’