Paris, May 19, 2026 – The iconic BHV Marais, located on Rue de Rivoli in the 4th arrondissement of Paris, is set to undergo a significant transformation. Aroxys, a company founded in 2024, will manage a €200 million project on behalf of Brookfield, which will see the historic department store evolve into a mixed-use space featuring luxury flagships and a high-end hotel.
Aroxys to Oversee Major Redevelopment
According to information from Challenges, the young asset management company Aroxys, based in the 8th arrondissement of Paris, has been appointed by Canadian fund Brookfield Asset Management to oversee the financing and design of the real estate transformation of the emblematic 4th arrondissement building. This colossal undertaking, estimated at approximately €200 million, marks a new era for one of the capital’s most significant commercial properties.
Aroxys, founded in 2024 by Ara Adjennian, is an independent portfolio management company specializing in the retail sector and institutional asset management. Adjennian brings extensive experience from his previous roles as founder and CEO of MIMCO Asset Management, and responsibilities at DTZ Investors, Thor Equities, and Cushman & Wakefield. This expertise in retail is crucial for the ambitious BHV Marais project.
Brookfield’s Vision for BHV Marais
Brookfield Asset Management officially acquired the building on January 28, 2026, for an estimated sum of nearly €300 million, purchasing the asset from the Galeries Lafayette group. The mandate given to Aroxys is clear: refocus the department store, operated by Frédéric Merlin (Société des Grands Magasins), to occupy 40% of the total 45,000 square meters, and reallocate the remaining 60%.
The planned program includes a mixed offering of major brand flagships, city-centre retail spaces, and a luxury hotel on the top two floors. The hotel’s management is expected to be entrusted to the Experimental Group, aiming for a chic and relaxed atmosphere, embodying the lively spirit of the Marais district.
Under the new arrangement, the department store operator’s annual rent will be halved, from €18 million to €9 million. Additionally, Brookfield will provide approximately €30 million in compensation, which could enable Frédéric Merlin to clear supplier debts. The commercial project for BHV will retain its core elements: a food hall in the basement, new beauty, accessories, and second-hand sections, and the creation of a BHV private label clothing brand.
A Parisian Landmark Since 1856
Opened in 1856, just four years after Le Bon Marché, the Bazar de l’Hôtel de Ville (renamed BHV Marais in 2013) is one of Paris’s oldest and most iconic department stores. Founded on Rue de Rivoli by François-Xavier Ruel, it has maintained its status as a landmark for Parisians, notably due to its legendary DIY basement. Situated opposite the Hôtel de Ville, it spans several adjacent buildings and is served by the Hôtel de Ville metro station (lines 1 and 11).
This project reflects a broader trend in Parisian commercial real estate, where major city-centre addresses are being reinvented as hybrid spaces, blending retail, hospitality, and lifestyle. With Aroxys at the helm, the BHV Marais project is entering a concrete phase, and its progress will be closely monitored.
This transformation marks a new chapter for the beloved Parisian landmark, promising an exciting future for the site. We await to discover what the future holds for this revitalized space.
Source: sortiraparis.com
