Revetas Capital has acquired Reschgasse 20, a prominent commercial building in Vienna’s Meidling district fully 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 and on an exclusive basis, 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 – situations where Revetas can work with incumbent sponsors and lenders to deliver elegant solutions for all stakeholders, unlocking schemes that would otherwise remain dormant.
The project leverages Revetas’ on-the-ground team in Vienna and the firm’s more than two decades of experience in complex, value-add real estate. By combining institutional investment expertise with in-house development and operational capabilities, Revetas can acquire, structure and deliver high-quality projects that are stalled or mired in complexity – unlocking value in situations that many traditional buyers are unable to execute, from acquisition through development, delivery and exit.
The project is well located, set 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 deep owner-occupier market, with delivery targeted for 2028.
The repositioning is conceived as a sustainable, adaptive reuse: the existing concrete-frame structure will be retained, avoiding the embodied carbon of a new build. The conversion targets a significant reduction in operational energy intensity compared with the former office use, with high-efficiency heat pumps, rooftop photovoltaics where feasible, EV charging, and secure bicycle storage.
The acquisition comes as Vienna – consistently ranked among the world’s most liveable cities and one of Europe’s most sought-after places to live – 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 consistently positive net migration.
Peter Daubner, Director at Revetas Capital, added: “This first acquisition is exactly the kind of opportunity Pearl was built for: a well-located, permitted asset, restructured constructively with the existing lender, that we can bring back into use as high-quality apartments. It is fully consistent with our investment strategy – value-add and special situations executed by our local teams – and 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.”
