Key Takeaways
- • Vastint and Hines have acquired the Glasmacherviertel in Düsseldorf-Gerresheim through a joint venture, planning a predominantly residential quarter on a site of approximately 193,000 m².
- • Current planning envisages around 1,600 to 1,800 flats (Hines cites around 1,700), with a gross floor area of about 210,000 m², of which at least 80 per cent is earmarked for housing.
- • The former Gerresheimer glassworks closed in 2005, and much of the site has since lain derelict, making it one of Düsseldorf's most significant urban regeneration areas.
- • The partners will develop the site in several construction phases, with the detailed design still subject to ongoing planning and approval processes.
- • Both companies cite long-term confidence in European residential property and the ongoing housing shortage in major European cities as the basis for the investment.
Summary
Vastint, a European property investor and portfolio manager, and Hines, a global real assets investment manager, have acquired the Glasmacherviertel in Düsseldorf-Gerresheim as a joint venture. The partners intend to transform the approximately 193,000 m² site into a new urban quarter, predominantly residential in character. According to current planning, the development will comprise around 1,600 to 1,800 flats, complemented by local amenities, catering and social infrastructure. The planning concept envisages a gross floor area of roughly 210,000 m², at least 80 per cent of which is earmarked for housing, with further space for commercial use and social infrastructure.
The site was used for industrial purposes by the Gerresheimer glassworks until 2005. After the factory closed, large parts of the industrial facilities were dismantled, and much of the land has since remained derelict. Planning discussions began shortly after the closure, and the concepts were revised several times before the current residential-focused plan. The three historic buildings on the former industrial site are to be preserved, and public green spaces are part of the plan.
Claudia Lewin, Managing Director at Vastint Germany, said the project fits the company's commitment to long-term urban development, pointing to comparable conversions such as Sugar House Island in London, Aire Park in Leeds and Riverview in Gdańsk. Benjamin Biehl, Senior Managing Director at Hines, cited the long-term fundamentals of the residential sector and the housing shortage in many major European cities, and said the project would be developed together with Vastint and the City of Düsseldorf.
The development will proceed in several construction phases, and the specific design remains subject to ongoing planning and approval. Advisers on the transaction included BNP Paribas Real Estate, PricewaterhouseCoopers, and Greenberg Traurig for Vastint, and JLL, Ernst & Young, POELLATH and Friedrich Graf von Westphalen & Partner for Hines. Publisher context indicates the site was sold by LEG.
The site was used for industrial purposes by the Gerresheimer glassworks until 2005. After the factory closed, large parts of the industrial facilities were dismantled, and much of the land has since remained derelict. Planning discussions began shortly after the closure, and the concepts were revised several times before the current residential-focused plan. The three historic buildings on the former industrial site are to be preserved, and public green spaces are part of the plan.
Claudia Lewin, Managing Director at Vastint Germany, said the project fits the company's commitment to long-term urban development, pointing to comparable conversions such as Sugar House Island in London, Aire Park in Leeds and Riverview in Gdańsk. Benjamin Biehl, Senior Managing Director at Hines, cited the long-term fundamentals of the residential sector and the housing shortage in many major European cities, and said the project would be developed together with Vastint and the City of Düsseldorf.
The development will proceed in several construction phases, and the specific design remains subject to ongoing planning and approval. Advisers on the transaction included BNP Paribas Real Estate, PricewaterhouseCoopers, and Greenberg Traurig for Vastint, and JLL, Ernst & Young, POELLATH and Friedrich Graf von Westphalen & Partner for Hines. Publisher context indicates the site was sold by LEG.
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