Real estate companies Vastint and Hines have joined forces in a joint venture and acquired the approximately 193,000 square metre Glasmacherviertel in Düsseldorf-Gerresheim. The aim of the cooperation is the development of a new urban district that primarily envisages residential uses. According to current plans, approximately 1,600 to 1,800 residential units are to be built here. In addition, provisions for local amenities, gastronomy, and social infrastructure are planned. With this acquisition, both parties emphasise their long-term confidence in the European residential property market.
The Glasmacherviertel is one of the most significant development areas in Düsseldorf. Until 2005, the area was used industrially by the Gerresheimer Glashütte. After the factory closure, large parts of the industrial facilities were dismantled. Since then, a significant portion of the area has been lying fallow. Vastint and Hines aim to jointly revitalise the area and transform it into a vibrant residential quarter with a long-term perspective. The underlying planning concept envisages a gross floor area of approximately 210,000 square metres. At least 80 percent of this area is designated for residential purposes, supplemented by areas for commercial use and social infrastructure. The initiative aims to create additional living space and coherently complement the existing urban environment in Düsseldorf-Gerresheim.
Strategic Alignment and Development Perspectives
Claudia Lewin, Managing Director at Vastint Germany, stated that the Glasmacherviertel corresponds to the type of urban development project that Vastint pursues long-term. She referred to reference projects such as Sugar House Island in London, Aire Park in Leeds, and Riverview in Gdansk, which demonstrate Vastint's approach to transforming former industrial sites into sustainable, vibrant quarters. They look forward to realising much-needed housing together with Hines and creating a location that is well-connected, integrates diverse uses, and will become an integral part of Gerresheim. Ms Lewin emphasised Vastint's long-term thinking and the endeavour to focus on quality in every decision. This applies to the homes, the public spaces, and the handling of the site's industrial heritage, in order to offer lasting value to residents and the surrounding area.
The plans for the Glasmacherviertel have a long history. Initial considerations for residential use of the area were made shortly after the glassworks closed in 2005. The urban planning concepts have been revised multiple times over time. The current planning focuses not only on housing construction but also on public green spaces and social infrastructure. Three historic buildings on the former industrial site are to be preserved.
Significance for the Residential Property Market
Benjamin Biehl, Senior Managing Director at Hines, explained that with the Glasmacherviertel, they aim to develop an area that has been fallow for many years into a new residential quarter with around 1,700 homes. He justified the commitment to the residential property segment with the long-term positive fundamentals and the ongoing housing shortage in many European metropolitan areas. Projects like the Glasmacherviertel make it possible to create much-needed housing on a larger scale on this basis. Mr Biehl highlighted that the project offers the opportunity, together with Vastint and the City of Düsseldorf, to develop a long-unused industrial area into a sustainable quarter, thereby creating additional housing and making a lasting contribution to the development of the district. The implementation of the quarter is planned in several construction phases, with the specific design being defined within the framework of the ongoing planning and approval process.
For the transaction, Vastint was advised on the buyer side by BNP Paribas Real Estate, tax advice was provided by PricewaterhouseCoopers, and legal advice by Greenberg Traurig. Hines was advised on the buyer side by JLL, for tax matters by Ernst & Young, and legally by POELLATH and Friedrich Graf von Westphalen & Partner.
