We have advised Galeries Lafayette Group (Galeries Lafayette) on the sale of 22 stores, converting them into franchises across small and medium-sized cities, to real estate group Financière Immobilière Bordelaise (FIB), Michel Ohayon’s holding.
The deal will allow Galeries Lafayette to focus efforts on new projects, such as the flagship opening on the Champs-Elysées, renovation of Haussmann’s store, digitalisation, integration of La Redoute, and international development.
FIB acquired the 22 franchised stores in Agen, Amiens, Angoulême, Bayonne, Beauvais, Belfort, Besançon, Caen, Cannes, Chalon-sur-Saône, Chambéry, Dax, La Roche-sur-Yon, La Rochelle, Libourne, Lorient, Montauban, Niort, Rouen, Saintes, Tarbes, and Toulon. With a 10-year franchise contract, FIB aims to contribute to the revitalisation of small and medium-sized cities.
With over €2bn worth of assets, Michel Ohayon’s holding owns hotels, such as Trianon Palace of Versailles, Waldorf Astoria of Jerusalem, Grand Hôtel of Bordeaux, and numerous commercial properties.
