Hines and Vastint JV Acquire Former Gerresheimer Site in Düsseldorf from LEG

Hines and Vastint Acquire Former Gerresheimer Glassworks Site in Düsseldorf

LEG Immobilien has sold the former Gerresheimer glassworks site in Düsseldorf to a joint venture formed by Hines and Vastint through an asset deal structured with a phased purchase price, as reported by juve.de. The transaction remains subject to planning and regulatory approvals.

Planned Urban Quarter Replaces Abandoned Industrial Land

The industrial property, which was used by the Gerresheimer glassworks until 2005 and has remained largely vacant since then, is slated for a major redevelopment. Current plans for the site outline a new urban quarter spanning a gross floor area of roughly 210,000 square meters. Housing will account for at least 80 percent of this space, while the remaining area will accommodate retail, dining, social infrastructure, and public green spaces. Three historical buildings from the former factory grounds are scheduled for preservation.

Hines and Vastint Take over Areal Development

LEG Immobilien originally acquired ownership of the Areal at the beginning of 2025 during its takeover of Brack Capital Properties. Following the recent transaction, the development of the neighborhood falls to the Hines and Vastint joint venture. Both companies already maintain active real estate projects in Germany, including Hines’ work on the Kö-Quartier in Düsseldorf and Vastint’s Moxy hotel project at the Berlin Ostbahnhof. The development will proceed in several construction stages as part of an ongoing planning and approval procedure.

Legal Advisers Structure the Joint Venture and Asset Deal

The transaction involved multiple legal teams advising the respective parties on real estate, corporate, tax, and public law matters. Friedrich Graf von Westphalen und Partner advised Hines and the joint venture with a team led out of Düsseldorf and Freiburg by partner Pierre-André Brandt, marking the firm’s first mandate for Hines. Brandt previously advised the investor during his time at McDermott Will & Schulte before moving to FGvW in September 2025.

On the seller side, LEG Immobilien relied on Hengeler Mueller with Frankfurt-based partner Thomas Lang leading the legal team. Hengeler Mueller previously advised LEG on several major mandates, including the 2020 acquisition of a residential portfolio from Deutsche Wohnen and the company’s SE transformation in 2021.

Poellath advised Hines on the structuring and establishment of the joint venture, continuing a long-standing advisory relationship with the investor. Meanwhile, Greenberg Traurig represented joint venture partner Vastint, securing the mandate through a competitive pitch for its first assignment with the company.

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Questions Surrounding the Düsseldorf Redevelopment

• What is the final purchase price for the Gerresheimer site? The parties agreed to keep the financial terms confidential, with payments structured in phases and tied to the progress of the planning procedures.
• When will construction on the new urban quarter begin? The closing of the transaction and the start of development depend on pending planning and regulatory approvals.
• Which historic structures will remain on the property? Three historical buildings from the former factory site are designated for preservation within the new neighborhood plans.