When I enable "M AXI GP0 ENABLE STATIC REMAP", the BFM outputs invalid data on ID signals (AWID, WID, ARID).
As a result, the AXI Slave also responds with an invalid ID which causes the bus to hang. If I disable this option, it works correctly.
This is a known issue. Currently, the work-around is to disable the "static remap" option.
This issue has been fixed in the 2016.1 release.