Overview
- Galeries Lafayette said it has completed the sale of the BHV property but did not disclose the purchaser.
- A source close to the matter told AFP the buyer is Brookfield Asset Management, a North American real estate and infrastructure investor.
- SGM, which bought the BHV business in 2023, will continue to run and develop the department store and welcomed the prospect of a full building rehabilitation.
- SGM had been slated to acquire the walls but its financing unraveled after the Banque des Territoires withdrew following the decision to host Shein in the store.
- The operator faces ongoing commercial strain, including brand departures and weak sales conversion at the Shein space, and Galeries Lafayette has also ended a separate contract with SGM covering seven provincial stores.