BrickVest has been bought out of administration by German property investment manager Patrizia.
Appointed administrator ReSolve said that the deal “will promote the further development of BrickVest as an independent and open industry platform connecting various investor groups with deal sponsors and product providers.”
BrickVest was founded in 2014 and its regulated subsidiaries have connected investors with debt and equity property opportunities across Europe. Four of its subsidiaries fell into administration last November.
Resolve said at the time that whilst its four fintech products were revenue generating, and approaching breakeven, BrickVest as a group required further investment.
As a result of the acquisition, the value of which was not disclosed, BrickVest will now have access to Patrizia’s global network including more than 350 institutional investors and industry partners and more than 200 banks and financial institutions.
“We are convinced that BrickVest has the potential to become the go-to global and independent industry platform of choice for real assets,” said Wolfgang Egger, chief executive of Patrizia.
“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.”
Patrizia manages more than €42bn (£35.7bn) of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor.