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Revetas Capital has acquired Reschgasse 20, a commercial building in Vienna's Meidling district, as the first investment under Pearl, its newly launched DACH living platform. The building is fully permitted for conversion into 90 residential apartments for sale and the deal was secured off-market on an exclusive basis, with Revetas restructuring alongside the existing lender rather than replacing them. Delivery is targeted for 2028.
What the Conversion Will Produce
The building currently contains approximately 6,400 sqm of office space. Under the conversion plan:
- 90 residential apartments, predominantly one- and two-bedroom units
- Average apartment size: 40 to 60 sqm
- Ground-floor retail and gastronomy
- Target market: Vienna's owner-occupier segment
- Sustainability measures: high-efficiency heat pumps, rooftop photovoltaics where feasible, EV charging and secure bicycle storage
The existing concrete-frame structure will be retained rather than demolished, avoiding the embodied carbon of a new build and reducing the project's environmental footprint. The conversion also targets a meaningful reduction in operational energy intensity compared with the former office use.
Also Read: Syrena Real Estate Acquires Renaissance Building Warsaw
Why Vienna, and Why Now
Vienna's residential supply has tightened considerably. 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 against a backdrop of steady population growth and positive net migration. For a platform explicitly targeting stalled legacy projects from the low-interest-rate era, the conditions in Vienna make it a logical first market.
Pearl's Investment Logic
Pearl is designed to acquire schemes that have become dormant under their existing ownership structures, working with incumbent sponsors and lenders to unlock value where traditional buyers cannot execute.
Peter Daubner, Director at Revetas Capital, described Reschgasse 20 as exactly the kind of opportunity the platform was built for: a well-located, permitted asset restructured constructively with the existing lender that can be brought back into use as quality apartments.
He added that Pearl is expected to scale well beyond this first asset, with further conversions, development sites and partly built schemes being assessed across Germany, Austria and Switzerland.
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