Aberdeen's Degi International fund is due to reopen in November, according to Dr. Hartmut Leser, head of distribution and country head for Germany and Austria at Aberdeen Asset Management. The move follows a disposal programme this year that has raked in EUR 270 mln.

'At the moment, the liquidity ratio of Degi International is around 19%,' Leser said. 'We want to increase this figure to 40% by the time we reopen the fund. To boost the liquidity, our aim is to sell around 10-12 properties by November at the latest.' The fund will have around EUR 2.6 bn of AUM when it reopens in November. Its investment remit - invest in core European markets - will remain unchanged, Leser said.

The fund has been closed, for liquidity reasons, since 2009. BaFin had set a deadline of November by which Aberdeen had to declare whether the fund would reopen or face liquidation.

Degi Europa is not the only German open-ended fund to be liquidated in recent months. Last October, Morgan Stanley announced that its troubled P2 fund, which had been due to re-open on 1 November after a two-year closure, would not reopen. German law allows the funds to freeze redemptions for only two years. KanAm also announced in September last year that it would wind down its US-grundinvest fund. Since December, it has returned $430 mln to investors, representing around 80% of the fund.