Revetas Capital has acquired the property Reschgasse 20 in Vienna. This is a commercial building in the Meidling district, for which planning permission to convert it into 90 owner-occupied apartments has been granted. This acquisition marks the first investment of Revetas' newly established residential property platform "Pearl", which focuses on the realisation of residential development projects in the DACH region. The property was acquired exclusively through an off-market transaction, with financing restructured in cooperation with the existing lender, with whom a long-standing business relationship exists.
The strategic focus of "Pearl" lies in acquiring existing projects that were financed in a low-interest rate environment. Revetas aims to develop viable solutions for all parties involved in such cases, in order to realise projects that would otherwise stagnate. Revetas' local team in Vienna, as well as the company's more than twenty years of experience in complex 'value-add' real estate projects, significantly contribute to the implementation. The combination of institutional investment expertise and in-house capabilities in project development and operational execution enables the acquisition and completion of high-quality projects that are either stalled or highly complex.
Project Features and Sustainability Approach
The project in Reschgasse is characterised by its prominent location in immediate proximity to a U6 underground station and Vienna Meidling railway station. The existing building, which has an office area of approximately 6,400 m², will be converted into apartments with an average size of 40 to 60 m². Retail and catering spaces are planned for the ground floor. The apartments, primarily one- and two-room units, address the strong market for owner-occupiers in Vienna. Completion is anticipated for 2028.
The repositioning will take place under the aspect of sustainable adaptive reuse, by retaining the existing reinforced concrete structure to avoid the so-called 'grey energy' generated by new constructions. The conversion aims for a significant reduction in energy consumption. This will be achieved through the use of highly efficient heat pumps, photovoltaic systems on the roof, charging stations for electric vehicles, and secure bicycle parking spaces.
Market Situation and Investment Strategy
The acquisition comes at a time when the housing supply in Vienna has reached an all-time low. Vienna consistently ranks among the most liveable cities worldwide and is a sought-after residential location in Europe. According to EHL Immobilien and Statistik Austria, the number of planning permissions has more than halved since 2019, falling to approximately 8,900 units in 2025. For the first time in nearly a decade, the annual number of completed residential units fell below the 10,000 mark. This development is unfolding against a backdrop of continuous population growth and positive net migration.
Peter Daubner, Director at Revetas Capital, explained that this first acquisition is exemplary of the "Pearl" approach: a well-situated property with existing planning permission, whose financing was restructured in cooperation with the existing lender, and which is now being repurposed as high-quality apartments. The project aligns with the company's investment strategy – 'value-add' investments and engagements in special situations, implemented by local teams. It is expected that "Pearl" will expand beyond this initial property, as further conversion projects, development plots, and partially completed construction projects across the DACH region are being reviewed.
