Real estate fund manager Patrizia has acquired a real estate crowdfunding platform that recently went into administration.

The German-based company has bought BrickVest, a proptech business that was created in 2014 to enable individuals to participate in institutional-grade real estate deals.

BrickVest raised close to £12m (€14.1m) and made a number of real estate deals before going into administration.

It is the latest move by Patrizia into the burgeoning proptech sector. Last year, it invested in WiredScore alongside British Land, and in 2018 invested in artificial intelligence company Evana.

Patrizia said it would “promote the further development of BrickVest as an independent and open industry platform”.

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.”

Mark Supperstone, managing partner at administrators 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.”