Galeries Lafayette sells the men's BHV building to Xavier Niel

What: Xavier Niel acquires BHV's men's building on rue de la Verrerie for EUR 50 million as Galeries Lafayette continues its strategic asset optimisation programme.

Why it is important: This development represents a significant step in Galeries Lafayette's strategic transformation, as the group continues to streamline its portfolio and concentrate resources on core operations.

Xavier Niel's NJJ Holding has acquired BHV's men's building at 36 rue de la Verrerie in Paris for approximately EUR 50 million. The 8,500-square-meter property, which combines modern and Haussmann-style architecture, features entrances on both rue de la Verrerie and rue du Temple. The transaction comes as part of Galeries Lafayette group's broader strategy to concentrate on core assets. This property was not included in the scope of the main building's takeover by SGM group, which has been operating the store since 2023. SGM is currently in exclusive negotiations with Banque des Territoires to secure financing for acquiring the 45,000-square-meter main building on rue de Rivoli. The sale aligns with Galeries Lafayette's recent strategic decisions, including discontinuing the Eataly franchise and Bazarchic operations, as the group focuses on strengthening its flagship department store operations.

IADS Notes: The sale of BHV's men's building reflects Galeries Lafayette's ongoing strategic transformation. This move aligns with the group's EUR 400 million investment plan announced in February 2025, focusing on network optimisation and flagship renovation. This transaction follows other strategic decisions to streamline operations, including the closure of Bazarchic and discontinuation of the Eataly franchise in December 2024.