German property investor Patrizia has acquired troubled British fintech firm, BrickVest.
Financial details were not disclosed.
The online property investment platform fell into administration in November last year, affecting its four subsidiaries, which were generating revenue but failing to break even, a BrickVest spokesperson said at the time.
Patrizia’s acquisition of the London-based company, which was founded in 2014, is part of its strategy of investing in tech firms which provide innovative and disruptive solutions for more attractive investment opportunities.
BrickVest is an online platform for real estate investing for investors and deal sponsors, which enables clients to invest in pre-vetted real estate investment opportunities online through a simple and secure website by creating an account, selecting an investment, signing legal documents and funding their investments.
Meanwhile, sponsors in charge of finding, acquiring and managing real estate assets can raise equity by filling out an online application, creating an account and finalizing due diligence requests.
Wolfgang Egger, CEO of 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.”
Dr Manuel Käsbauer, chief technology and innovation officer at Patrizia, said: ‘BrickVest’s platform approach and technology offers significant benefits for investors and the wider industry.
‘It directly connects investors to a wide-ranging and easily accessible portfolio of real asset investment solutions from different investment firms. Our clear goal is to engage more industry players and to attract a broad variety of real asset investment opportunities to the platform.’