Invista has sold an office near Brussels city centre to the Belgian Government.
The asset comprises 21.5 sq ft of office space and was realised at a price 37% above the September 2008 valuation. The buyer is Regie Fonciere, a department of the Belgian Government.
Net proceeds from the sale will be used to pay down debt and further de-leverage the Company.
Tony Smedley, head of Continental European Funds at Invista Real Estate Investment Management, said: ‘This asset has been disposed of at a substantial premium to the last valuation which is a pleasing result in such challenging markets. Our ability to identify a special purchaser is a reflection of our pro-active asset management style and strong market access.
'We continue to look for similar opportunities across the rest of the portfolio as we work to reduce the Company’s borrowings.'