Ireland's troubled O’Mahony holding has sold the Waterside office building in Brussels to a joint venture of the Intégrale mutual insurance fund and the Ogeo Fund for close to EUR 20 mln.

The deal, which was brokered by Belgian property services group Anixton, comes shortly after the Belgian Ministry of Justice agreed to let the bulk of the building. The government is taking a nine-year lease on 80% of the scheme on behalf of the DG-EPI, the Ministry of Justice's Directorate for Penitentiary Services.

Built in 2006, Waterside offers around 12,000 m2 of space in the North Quarter district, the central business quarter of the Belgian capital.