Will real estate mogul’s bankruptcy drag down Brussels’ Louise district?

The administrator of Gérald Hibert’s Brussels real estate empire has filed for bankruptcy. Iconic properties, such as the Galeries Louise and the Toison d’Or complex, are now at risk of falling into the hands of creditors. Local merchants are anxiously awaiting developments.

900 million euros in debt

The real estate sector in Brussels is in turmoil due to the impending bankruptcy of Sogefibel, one of the largest players in the commercial real estate market. Among other properties, the Toison d’Or building has been part of the holding company since 2016. Businessman Gérald Hibert purchased the shopping center at the time for 190 million euros.