Key Takeaways
- • Vastint and Hines have formed a joint venture to develop the Glasmacherviertel (Glassmakers' Quarter), a 193,000 sqm residential urban neighbourhood in Düsseldorf-Gerresheim, Germany.
- • The partners plan between 1,600 and 1,800 new apartments, with Hines' Benjamin Biehl citing approximately 1,700 apartments as the target.
- • The project will have a gross floor area of approximately 210,000 sqm, with at least 80% allocated to residential use, complemented by retail, dining and social infrastructure.
- • The site was previously occupied by the Gerresheimer Glassworks until 2005 and has lain largely fallow since its closure and demolition.
- • The partners cite a persistent housing shortage in major European cities and a long-term conviction in the European living sector as the rationale for the venture.
Summary
European real estate investor Vastint has entered a joint venture with Hines, a global real assets investment manager, to develop the Glasmacherviertel, known as the Glassmakers' Quarter, in the west German city of Düsseldorf, according to a joint statement from the two firms reported by IPE Real Assets. The site covers 193,000 sqm, and the partners plan to build between 1,600 and 1,800 new apartments along with local retail, dining and other social infrastructure.
The site was used by the former Gerresheimer Glassworks until 2005. Following its closure and extensive demolition, a large portion of the land has remained fallow. Vastint and Hines intend to revitalise the area into a long-term residential neighbourhood. Under current plans, the project will provide a gross floor area of approximately 210,000 sqm, of which at least 80% will be residential. Commercial uses and social infrastructure are intended to complement the existing surroundings in Düsseldorf-Gerresheim.
Vastint Germany managing director Claudia Lewin said the project is "exactly the kind of long-term urban transformation Vastint is committed to," pointing to the firm's experience with Sugar House Island in London, Aire Park in Leeds and Riverview in Gdansk, where former industrial sites are being converted into residential neighbourhoods. Hines senior managing director Benjamin Biehl cited the "persistent housing shortage in many major European cities" as underpinning the venture, stating that projects such as Glasmacherviertel allow the firms to "translate that conviction into new housing supply at scale."
Publisher context indicates that LEG had previously sold the Glasmacherviertel to Hines and Vastint, with the buyers described as having extensive experience developing large residential districts. The venture is described as one of Düsseldorf's most significant urban development sites.
The site was used by the former Gerresheimer Glassworks until 2005. Following its closure and extensive demolition, a large portion of the land has remained fallow. Vastint and Hines intend to revitalise the area into a long-term residential neighbourhood. Under current plans, the project will provide a gross floor area of approximately 210,000 sqm, of which at least 80% will be residential. Commercial uses and social infrastructure are intended to complement the existing surroundings in Düsseldorf-Gerresheim.
Vastint Germany managing director Claudia Lewin said the project is "exactly the kind of long-term urban transformation Vastint is committed to," pointing to the firm's experience with Sugar House Island in London, Aire Park in Leeds and Riverview in Gdansk, where former industrial sites are being converted into residential neighbourhoods. Hines senior managing director Benjamin Biehl cited the "persistent housing shortage in many major European cities" as underpinning the venture, stating that projects such as Glasmacherviertel allow the firms to "translate that conviction into new housing supply at scale."
Publisher context indicates that LEG had previously sold the Glasmacherviertel to Hines and Vastint, with the buyers described as having extensive experience developing large residential districts. The venture is described as one of Düsseldorf's most significant urban development sites.
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