United Group has announced its second real estate investment in Vienna, reinforcing its presence in the Austrian property market. The latest acquisition is situated in the Penzing district, near the historic Schönbrunn Palace, and offers a blend of commercial and residential spaces.

The building currently houses retail and café establishments on the ground floor, with residential apartments above. United Group has secured planning permission to renovate the existing apartments and develop nine additional modern units in the attic floors. These new residences will feature panoramic views of Schönbrunn Palace and its picturesque gardens, combining classic architecture with contemporary living.

Edmund Gatt Baldacchino, CEO of United Group, expressed enthusiasm for the project on LinkedIn, stating:

“We are excited to embark on this project and continue scaling our investment footprint in Austria. This marks our second acquisition in Vienna and involves a historic building, over 100 years old, which presents a remarkable opportunity for refurbishment. By enhancing the property, we aim to unlock its full potential and deliver increased value to this prominent location.”

This latest investment highlights United Group’s strategy of acquiring and revitalising historic properties in prime European locations. With a focus on high-quality developments, the company is set to contribute to Vienna’s dynamic real estate landscape while preserving its architectural heritage.