The Gérald Hibert (GH) real estate group, which owns several luxury commercial spaces in Brussels, has recently entered judicial reorganisation, according to L’Écho on Tuesday.
Pierre Hermant, the CEO of finance&invest.brussels, has been appointed as the reorganisation practitioner to negotiate with banks regarding the future of the financially troubled group.
GH owns 130 properties, including several luxury shops in Brussels, in areas like Toison d’Or, Boulevard de Waterloo, and Avenue Louise, as well as in Paris.
The company is facing financial difficulties due to Covid-19, the energy crisis, rising interest rates, and a sluggish real estate market.
As a result, GH approached the Brussels French-speaking Commercial Court for help in appointing a reorganisation practitioner.
Pierre Hermant was named as the practitioner late last week, L’Écho reported. He will negotiate with banks, seek new funding sources, and sell several assets, including shops in the Louise district.
