Invista European Real Estate Trust has completed the transfer of an office asset located on Campus Remy in the outskirts of Leuven, Belgium, to its main tenant, KVLV group, a Belgian non-profit organisation associated with the Flemish Farmers’ Union.

The asset comprises 10,230 square metres of office space and is currently fully income producing.

The transfer was realised at a price six per cent above the 9 October 2009 valuation.

Net proceeds from the transfer will be used to pay down debt and further de-leverage the company.

Tony Smedley (pictured), head of Continental European funds at Invista Real Estate Investment Management, says: “This asset has been transferred after having maximised its asset management potential and was realised at a premium to the last valuation. This is a good result for the company in such challenging markets. Our ability to identify the purchaser is a reflection of our pro-active asset management approach. We continue to look for similar opportunities across the rest of the portfolio as we work to maximise total returns from the property portfolio and reduce the company’s borrowings.”