Revetas Capital has acquired Reschgasse 20, a commercial building in Vienna's Meidling district permitted for conversion into 90 residential apartments for sale. The transaction is the first investment under Pearl, Revetas' newly launched DACH living platform, through which the firm intends to pursue residential opportunities across the region.
Revetas secured the asset off-market, restructuring alongside the existing lender, with whom it has a long-standing relationship. Pearl is focused on acquiring legacy projects financed in the prior low-interest-rate environment, working with incumbent sponsors and lenders to unlock schemes that would otherwise remain dormant. The project draws on Revetas' team in Vienna and the firm's more than two decades of experience in complex, value-add real estate.
The project sits directly beside a U6 underground entrance and within walking distance of Wien Meidling station. The building will be converted from approximately 6,400 sqm of office space into apartments averaging some 40-60 sqm, alongside ground-floor retail and gastronomy. The residences, predominantly one- and two-bedroom apartments, are aimed at Vienna's owner-occupier market, with delivery targeted for 2028. The existing concrete-frame structure will be retained, avoiding the embodied carbon of a new build, with high-efficiency heat pumps, rooftop photovoltaics, EV charging and secure bicycle storage.
The acquisition comes as Vienna sees its residential supply tightened to its lowest level in years. Building permits have fallen by more than half since 2019, dropping to roughly 8,900 in 2025, while annual completions slipped below 10,000 units for the first time in close to a decade, according to EHL Immobilien and Statistik Austria. This comes against a backdrop of steady population growth and positive net migration.
"This first acquisition is exactly the kind of opportunity Pearl was built for: a well-located, permitted asset, restructured with the existing lender, that we can bring back into use as apartments," said Peter Daubner, Director at Revetas Capital. "We expect Pearl to scale well beyond this first asset, with further conversions, development sites and partly built schemes being assessed across the DACH region."
