By John Reynolds on 4th February 2020
Deal went through on February 3, but no financial details have been disclosed.
BrickVest, the commercial property fintech, has been bought out of administration by the German real estate investment company Patrizia.
Four BrickVest subsidiaries fell into administration in November last year.
No financial details of the deal, which went through yesterday (February 3), have been disclosed.
According to ReSolve, the appointed administrator, Patrizia "will promote the further development of BrickVest as an independent and open industry platform connecting various investor groups with deal sponsors and product providers."
It said that BrickVest will have access to the German company's industry network "including more than 350 institutional investors and industry partners and more than 200 banks & financial institutions worldwide."
Wolfgang Egger, CEO, Patrizia, said: "We are convinced that BrickVest has the potential to become the go-to global and independent industry platform of choice for real assets.”
"Therefore, it is essential for us that BrickVest remains independent and provides full transparency, convenient access as well as much broader choice to all investors."
"We will ensure that BrickVest has access to our deep industry knowledge, broad investor network and expert market intelligence which makes the platform even more attractive."
Mark Supperstone, Managing Partner ReSolve, said: “We are pleased to have secured the sale of this leading Fintech player to Patrizia enabling it to further develop its business with the backing of such a strong and well- connected partner. We wish it every success in the future."
It is the latest move by Patrizia into the property technology sector.
Last year, it invested in the digital real estate rating scheme WiredScore.
BrickVest and its subsidiaries offered investment opportunities in a range of commercial properties, including student accommodation to collections of properties covering everything from retail to hospitality on the continent.