LEG Immobilien SE has sold the Glasmacherviertel in Düsseldorf-Gerresheim to a newly formed joint venture of international real estate companies Hines and Vastint. The site, which covers an area of approximately 193,000 square metres, was acquired by LEG in early 2025 as part of the majority acquisition of Brack Capital Properties. LEG had expressed its intention early on not to develop the district independently and had involved the City of Düsseldorf in its considerations.
With Hines and Vastint, LEG was able to secure buyers who possess extensive expertise in the development of larger residential districts. Reference projects include Marienhöfe in Berlin, developed by Hines, and Sugar House Island in London, a project by Vastint. The purchase option for the site was already agreed between Hines and LEG in early March this year, and the joint venture has accepted LEG's purchase offer under the existing conditions.
Development of an Urban Residential District
The Glasmacher site is designated for development into an urban district primarily characterised by residential use. The buyers' concept envisages a gross floor area of approximately 210,000 square metres, with at least 80 percent reserved for apartments. This is intended to contribute to the creation of around 1,600 to 1,800 new residential units, thereby generating significant attractive housing in Düsseldorf, one of the most sought-after residential locations in North Rhine-Westphalia. The purchase price will be paid in several instalments linked to planning progress; confidentiality has been agreed regarding the exact purchase price.
Lars von Lackum, CEO of LEG Immobilien SE, expressed his pleasure at the signing of the purchase offer by the joint venture. He emphasised that it had been important to the Düsseldorf-based company from the outset to transfer the site into qualified hands to strengthen housing construction in Düsseldorf and create much-needed housing. He also highlighted that this divestment represents LEG's largest single transaction this year to date, which he considered a positive development in a challenging market environment.
Usage Concept and History of the Site
The Glasmacher site was used industrially by Gerresheimer Glashütte until 2005. After the plant closed and the industrial facilities were largely dismantled, a large part of the site lay fallow for an extended period. In addition to primary residential use, the future district will be complemented by commercial offerings, social infrastructure, and public green spaces. Three historic buildings on the industrial site are to be preserved.
- —Claudia Lewin, Managing Director at Vastint Germany, highlighted that the Glasmacherviertel reflects the company's commitment to the long-term development of urban districts and that experiences from projects such as Sugar House Island in London will now also be applied in Germany.
- —Benjamin Biehl, Senior Managing Director at Hines, emphasised that the commitment to the residential real estate segment is based on long-term positive fundamentals and the consistently high demand for housing in European metropolitan areas.
The common goal of the buyers is to create a well-connected, mixed-use district that integrates harmoniously into the Gerresheim district.
