Key Takeaways
- • Hines and Vastint have entered a joint venture to acquire the former glassmaking district Glasmacherviertel in Düsseldorf-Gerresheim, a site that has been derelict for more than two decades.
- • The partners plan to develop approximately 1,600 to 1,800 apartments alongside local retail, dining, and social infrastructure.
- • German law firm POELLATH advised Hines, with a team led by real estate transactions partner Dr. Stefan Lebek.
- • The project is positioned as a long-term urban transformation of a former industrial site into a mixed-use residential neighbourhood.
Summary
Hines, a global real assets investment manager, and Vastint, an international real estate company, have agreed to acquire the Glasmacherviertel, the former glassmaking district in Düsseldorf-Gerresheim, for a residential redevelopment project, according to ICLG's report on the transaction. German law firm POELLATH advised Hines on the joint venture.
The site has been derelict for over two decades. Hines and Vastint intend to convert it into a long-term residential neighbourhood with approximately 1,600 to 1,800 apartments, along with amenities including local retail, dining, and social infrastructure. The plans are presented as a transformation of a long-unused industrial site into a sustainable neighbourhood intended to address housing needs and contribute to the surrounding Gerresheim area.
The POELLATH team was led by real estate transactions partner Dr. Stefan Lebek and included antitrust associated partner Daniel Wiedmann, private equity counsel Alexander Pfefferler and real estate transactions associate Jenan Fur.
Hines senior managing director Benjamin Biehl said the project offers an opportunity to work with Vastint and the city of Düsseldorf to transform the industrial site into a sustainable neighbourhood. Vastint Germany managing director Claudia Lewin said the project fits the company's long-term urban transformation strategy and pointed to comparable Vastint projects, including Sugar House Island in London, Aire Park in Leeds and Riverview in Gdansk.
The site has been derelict for over two decades. Hines and Vastint intend to convert it into a long-term residential neighbourhood with approximately 1,600 to 1,800 apartments, along with amenities including local retail, dining, and social infrastructure. The plans are presented as a transformation of a long-unused industrial site into a sustainable neighbourhood intended to address housing needs and contribute to the surrounding Gerresheim area.
The POELLATH team was led by real estate transactions partner Dr. Stefan Lebek and included antitrust associated partner Daniel Wiedmann, private equity counsel Alexander Pfefferler and real estate transactions associate Jenan Fur.
Hines senior managing director Benjamin Biehl said the project offers an opportunity to work with Vastint and the city of Düsseldorf to transform the industrial site into a sustainable neighbourhood. Vastint Germany managing director Claudia Lewin said the project fits the company's long-term urban transformation strategy and pointed to comparable Vastint projects, including Sugar House Island in London, Aire Park in Leeds and Riverview in Gdansk.
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