Brookfield Asset Management: How “Canadian Warren Buffett” became new owner of BHV Marais

The iconic Bazar de l’Hôtel de Ville, with its 45,000 square metres and glass rotunda opposite Paris city hall, officially changed property owner on January 28, 2026. For an estimated sum of nearly 300 million euros, investment firm Brookfield Asset Management acquired the department store's building from the Galeries Lafayette group. This property transaction reveals a much more strategic reality, showing how certain funds are reshaping the balance of retail and urban real estate.

Frédéric Merlin, via the SGM group, remains the operator of the business. However, Brookfield's acquisition of BHV's property reflects the Canadian group's characteristic asset allocation logic. This strategy involves integrating an iconic real estate asset into a portfolio combining infrastructure, prime real estate and stakes in e-commerce.

Bruce Flatt, architect of a trillion-dollar empire

At the helm of Brookfield since 2002, Bruce Flatt embodies this long-term strategy. Nicknamed the “Canadian Warren Buffett”, he has transformed a 19th-century holding company into a global leader managing nearly one trillion dollars in assets. According to the investor report published in November 2025, Brookfield claims over 125 years of experience as an operator and owner of real assets.

Flatt's philosophy is based on acquiring assets essential to the global economy's functioning when public markets undervalue them. These assets include energy; transport networks; data centres; and premium real estate. Far from seeking spectacular short-term returns, Brookfield prioritises steady and sustainable performance. Flatt himself acknowledged this approach on The Knowledge Project podcast, where he explained that value creation is measured over several decades. The figures speak for themselves, with an annualised return of approximately 19 percent over 30 years.

BHV, convergence point between real estate and e-commerce

The acquisition of BHV highlights an unprecedented convergence between physical retail and digital platforms. Brookfield finds itself at the intersection of several interests that form a coherent picture when viewed together. Since 2022, the fund has held a stake in Shein, the Asian ultra-fast fashion giant. This was an investment considered a priority in its financial documents at the time.

In November 2024, at the instigation of Frédéric Merlin, a Shein space of nearly 1,000 square metres was installed on the top floor of BHV. This initiative sparked a heated political controversy and led to the withdrawal of Banque des Territoires from the project. A few months later, Brookfield acquired the department store's building. The Canadian fund now occupies a unique position at the crossroads of real estate, retail and digital commerce, as it is both an investor in the e-commerce platform and the owner of the premises that host it.

Financial platform much broader than real estate

To reduce Brookfield to a mere property owner would be an analytical error. The group has built its strength around several complementary divisions. Real estate accounts for approximately 272 billion dollars of assets under management. It has a deliberate positioning in the top quartile of the global market and strategies showing net returns of close to 15 percent.

In addition, nearly 242 billion dollars are invested in infrastructure, such as data centres, fibre optic networks and logistics assets, all of which are essential building blocks of the digital economy. Brookfield is also one of the world's leading players in renewable energy, with approximately 137 billion dollars in assets and a massive presence in solar and wind power. Private equity and credit complete this portfolio, enabling the group to structure complex transactions, often outside the scope of listed markets.

Why Brookfield carries so much weight in global economy

Brookfield's rise is part of a fundamental trend. Large institutional investors, particularly pension funds and insurers, are gradually turning away from traditional stock markets. They are moving in favour of alternative assets deemed more predictable and resilient. Brookfield has established itself as one of the main recipients of these flows. The group also anticipates annual profit growth of nearly 20 percent over the next five years.

Its risk management is one of its hallmarks. Each investment is structured with non-recourse financing limited to the asset level, with no commitment from the parent company. This practice is a proven standard in private equity and commercial real estate. However, Brookfield claims to distinguish itself through the meticulous rigour of its application, making it a central pillar of its “downside protection” culture.

This architecture creates natural firewalls. As Flatt explains, a failure remains confined to a specific scope. This allows the fund to walk away from a failing investment without ever weakening the entire structure. This disciplined approach allows Brookfield to handle massive debt levels while maintaining a high-quality credit rating (rated A/A- by Fitch and S&P). According to its latest investor report from November 2025, the group leveraged this strength to issue 750 million dollars of new 30-year bonds in the third quarter of 2025.

BHV, asset more than symbol

For BHV, Brookfield's arrival comes with promises of renovating and modernising the building. Beyond these announcements, the deal primarily marks the integration of a historic Parisian department store into the logic of a global finance player. BHV is becoming less a simple place of commerce and more a strategic asset within a global vision where real estate, commercial flows and digital platforms interact.

At this stage, BHV's “new chapter” seems less about a heritage revival and more about a strategic realignment. This new page is being written in Canadian ink, under the guidance of a fund accustomed to thinking about the city, commerce and the economy in the long term.