Vastint, a property investor and portfolio manager operating across Europe, and Hines, one of the world’s leading real assets investment managers, have acquired the Glasmacherviertel in Düsseldorf-Gerresheim as part of a joint venture. Together, the partners aim to develop the site, which covers approximately 193,000 m², into a new urban quarter characterised predominantly by residential development. According to current planning, the development will comprise around 1,600 to 1,800 flats, as well as complementary facilities in the areas of local amenities, catering and social infrastructure. Through this joint venture, both companies are underlining their long-term confidence in the European residential property market.
The Glasmacherviertel is one of Düsseldorf’s most significant urban regeneration areas. Until 2005, the site was used for industrial purposes by the Gerresheimer glassworks. Following the closure of the factory, large parts of the industrial facilities were dismantled. Since then, much of the site has lain derelict. Vastint and Hines intend to jointly revitalise the site and develop it into a vibrant residential neighbourhood with long-term prospects.
The current planning concept envisages a gross floor area of around 210,000 m². At least 80 per cent of this is earmarked for housing. In addition, there will be space for commercial use and social infrastructure. The aim is to create a new neighbourhood with additional housing on this previously unused site and to complement the existing urban environment in Düsseldorf-Gerresheim in a meaningful way.
“The Glasmacherviertel is exactly the kind of urban development project that we at Vastint are committed to driving forward in the long term. Our projects, such as Sugar House Island in London, Aire Park in Leeds and Riverview in Gdańsk, demonstrate how we transform former industrial sites into sustainable, vibrant neighbourhoods. We look forward to working with Hines to create much-needed housing and to design a place that is well connected, combines a variety of uses and becomes an integral part of Gerresheim,” says Claudia Lewin, Managing Director at Vastint Germany. “We take a long-term view and therefore prioritise quality in every decision we make. This applies to the flats and public spaces as well as to how we handle the site’s industrial heritage. In this way, we aim to create something that offers lasting added value to residents and the wider community.”
Plans for the development of the Glasmacherviertel date back many years. Immediately after the glassworks closed in 2005, initial considerations were made to develop the site for residential purposes. Subsequently, the urban development concepts were revised on several occasions. The current plans envisage not only a clear focus on housing construction but also public green spaces and social infrastructure. The three historic buildings on the former industrial site are to be preserved.
“With the Glasmacherviertel project, we aim to develop a site that has lay fallow for many years into a new residential neighbourhood comprising around 1,700 flats. Our commitment to the residential property sector is based on its long-term positive fundamentals and the ongoing housing shortage in many major European cities. Projects such as the Glasmacherviertel enable us to create much-needed housing on a large scale,” says Benjamin Biehl, Senior Managing Director at Hines. “The project offers us the opportunity, together with our partner Vastint and the City of Düsseldorf, to develop a long-unused industrial site into a sustainable neighbourhood. In doing so, we are creating additional housing and making a lasting contribution to the development of the surrounding neighbourhood.”
The development of the neighbourhood is to take place in several construction phases. The specific design is the subject of the ongoing planning and approval process.
Vastint was advised on the buyer’s side by BNP Paribas Real Estate, on tax matters by PricewaterhouseCoopers and on legal matters by Greenberg Traurig. Hines was advised on the buyer’s side by JLL, on tax matters by Ernst & Young and on legal matters by POELLATH and Friedrich Graf von Westphalen & Partner.
