Galeries Lafayette wants to offload BHV Marais

Galeries Lafayette has entered into exclusive talks with “an Anglo-American investor” to sell BHV Marais, possibly as early as January. The news thwarts the plans of the mayor of Paris, who had prepared a takeover and redevelopment into a mixed-use project with partners. SGM will continue to operate the department store.

Sale follows transfer

In a press release, the holding company says it has “entered into exclusive negotiations with an Anglo-American player with recognised expertise in real estate management, with a view to selling full ownership of the iconic BHV building as early as January.” The 45,000 sqm department store was built in 1886 opposite the Hôtel de Ville.