Wednesday, 14 October 2026
International property developers Hines and Vastint have agreed to purchase a 193,000 sqm former industrial site in Düsseldorf-Gerresheim from LEG Immobilien SE, with plans to deliver between 1,600 and 1,800 residential units. The proposed redevelopment, known as Glasmacherviertel, would transform land that has remained largely unused for more than two decades into a new residential neighbourhood, incorporating commercial premises, community facilities and public green spaces.
LEG acquired the property in early 2025 as part of its takeover of Brack Capital Properties but subsequently decided to transfer the development opportunity to specialist investors. Hines had secured an option to purchase the site in March 2026, and the joint venture established with Vastint has now accepted the previously negotiated terms. The transaction price remains confidential, with payments scheduled in stages according to progress through the planning process.
The development concept provides for approximately 210,000 sqm of gross floor area, with at least 80% designated for residential use. This would represent a minimum of 168,000 sqm of housing accommodation, alongside space for businesses, local services and social infrastructure. The project is intended to establish a new residential district within an existing part of Düsseldorf rather than create an isolated housing development.
The location was formerly occupied by the Gerresheimer glass manufacturing plant, which closed in 2005. Most of the industrial installations were subsequently demolished, leaving a substantial area of land awaiting redevelopment. Three surviving historic buildings are expected to be retained and incorporated into the future neighbourhood, preserving part of the site’s industrial identity.
The proposed investment comes at a time when Germany’s residential construction sector continues to face pressure from development costs, financing conditions and planning requirements. Large former industrial sites offer opportunities to increase housing supply within established cities, although such projects frequently require extensive preparation, infrastructure improvements and coordination with local authorities before construction can begin.
Both investors have experience delivering major urban regeneration schemes in European cities. Hines has been involved in the Marienhöfe development in Berlin, while Vastint’s portfolio includes Sugar House Island in London, Aire Park in Leeds and Riverview in Gdańsk. The Düsseldorf acquisition represents Vastint’s first development project in Germany and extends its activities into another major European residential market.
For LEG, the disposal represents its largest individual property transaction of 2026, according to Chief Executive Lars von Lackum. The sale allows the Düsseldorf-based residential landlord to transfer a substantial development commitment to investors specialising in large mixed-use projects. The agreed payment structure also connects the financial settlement to future planning progress, although the company has not disclosed the transaction value or payment timetable.
The project remains at the planning stage, with no confirmed construction commencement or completion date. If implemented at the proposed scale, Glasmacherviertel would make a significant contribution to Düsseldorf’s future housing supply while bringing a long-unused industrial property back into productive urban use. Its progress will depend on planning approvals, infrastructure requirements and the economic feasibility of delivering the proposed residential and commercial space.
