De Montfort's Lincolnshire-based schools of art and design and agriculture - including their staff - were handed over to the University of Lincolnshire and Humberside this week.
The deal is not a straightforward sale, merger or acquisition, but a transfer arrangement that has emerged out of collaborative talks based on regional strategic planning.
De Montfort pro vice-chancellor Margaret Evans said: "This is the way the sector should be thinking, in terms of strategic planning and development and what arrangements will improve provision throughout their region."
Lincolnshire and Humberside will take over the schools, becoming the employer of their 330 academic and support staff. It will take responsibility for nearly 2,500 full-time equivalent students. All current students and those applying to start this year will be able to complete their chosen courses and gain either De Montfort or Lincolnshire and Humberside degrees.
De Montfort University will receive an undisclosed sum from Lincolnshire and Humberside for less than the full market value of the schools.