LEG Immobilien SE is selling the Glasmacherviertel in Düsseldorf-Gerresheim to a joint venture of the international real estate companies Hines and Vastint.
LEG had acquired the approximately 193,000 square meter site in early 2025 as part of the acquisition of Brack Capital Properties. The company had signaled early on that it did not intend to develop the district on its own and involved the city in its considerations. With Hines and Vastint, LEG has found buyers with extensive experience in developing large residential districts, such as the Marienhöfe district in Berlin (Hines) or Sugar House Island in London (Vastint). The Glasmacher site is now to be developed into an urban district predominantly used for housing, with around 1,600 to 1,800 apartments. This will create significant new, attractive housing for Düsseldorf, one of the most popular places to live in North Rhine-Westphalia.
Hines and LEG had already agreed on a purchase option for the site in early March of this year. Yesterday, the joint venture has accepted LEG's purchase offer on the previously agreed terms. The purchase price has been agreed to remain confidential. It is payable in several installments based on planning progress.
"We are delighted that the joint venture of the two experienced real estate developers Hines and Vastint has signed its acceptance of our purchase offer for the Glasmacherviertel. As a Düsseldorf-based company, it was important to us from the outset to place the site in good and experienced hands. In this way, we want to contribute to strengthening housing construction in Düsseldorf and to creating urgently needed housing for the city and its residents. At the same time, the deal marks LEG's largest single transaction this year - a very welcome development in an overall difficult market environment.", says Lars von Lackum, CEO of LEG Immobilien SE.
The Glasmacher site was used industrially by the Gerresheimer Glashütte until 2005. After the plant closed and the industrial facilities were largely dismantled, a large part of the site has remained vacant ever since. The buyers' current concept provides for a gross floor area of around 210,000 square meters, of which at least 80 percent is to be residential, complemented by commercial uses, social infrastructure and public green spaces. The three historic buildings on the industrial site are to be preserved.
"The Glasmacherviertel is a prime example of Vastint's commitment to the long-term development of urban districts. After projects such as Sugar House Island in London, Aire Park in Leeds and Riverview in Gdańsk, we now want to bring our experience to Germany for the first time. Together with Hines, we want to create urgently needed housing and a well-connected, mixed-use district that fits harmoniously into the Gerresheim neighborhood.", says Claudia Lewin, Managing Director Vastint Germany.
"With the Glasmacherviertel, we want to turn an area that has lain fallow for many years into a new residential district with around 1,600 to 1,800 homes. Our commitment in the residential segment is based on its long-term positive fundamentals and the sustained high demand for housing in many major European cities.", says Benjamin Biehl, Senior Managing Director at Hines.
About LEG
With around 171,000 rental apartments and approximately 500,000 residents, LEG Immobilien SE is a leading listed housing company in Germany. The company has eight branches and is also represented by personal contacts at selected locations. In the 2025 financial year, LEG Immobilien SE generated net cold rent of around EUR 920 million. With an average rent of around 7 euros per square metre, a large portfolio of subsidised housing, a consistent digitalisation strategy, and a commitment to advancing decarbonization measures, LEG is driving key initiatives for a responsible and future-proof housing sector. As one of the first companies in the industry, it is building a technology-driven operating model and, since 2022, has been actively fostering innovation through its own green ventures.
About Vastint
Vastint is a purpose-led, quality-driven real estate investor. Our goal is to create long-term value through property investment. We develop, own and manage sustainable homes, offices and hotels across Europe. Places designed to bring people together. We take responsibility for the entire lifecycle, from land acquisition and planning to construction and daily operations. Because we remain invested, we build with tomorrow in mind. Please see https://vastint.eu/ for more information.
About Hines
Hines is a leading global real estate platform with nearly 70 years of experience in property development and investment management. Since its founding in 1957, Hines has created long-term value in residential, logistics, office, data center and infrastructure real estate through its operational experience and sound understanding of the successful development and management of properties. Its around 4,600 employees in 29 countries manage assets of approximately USD 91 billion for institutional and private investors (as of June 30, 2026; includes the global Hines organization and assets managed by RIA). More information at www.hines.com.
Investor Relations Contact:
Team Investor Relations; E-Mail: ir@leg-se.com
Press Contacts:
- LEG: Sabine Jeschke, +49 211 45 68-325, sabine.jeschke@leg-wohnen.de
- Vastint Germany: Claudia Lewin, Managing Director, M: +49 177 487 1103, claudia.lewin@vastint.eu, www.vastint.eu
- Hines: PressOffice@hines.com
Disclaimer
This publication does not constitute an offer to buy or an invitation to sell securities. Insofar as we make forecasts or expectations in this document or make statements about the future, these statements may be subject to known and unknown risks and uncertainties. These statements express the intentions, views or current expectations and assumptions of LEG Immobilien SE. Forward-looking statements are based on current plans, estimates and forecasts that LEG Immobilien SE has made to the best of its knowledge, but make no statement as to their future accuracy. Actual results and developments may therefore differ materially from the expectations and assumptions expressed.