German property fund manager Aberdeen Immobilien KAG said on Friday that its frozen Degi International open-ended fund has disposed of the four-asset Teil portfolio for EUR 204 mln. The properties were acquired by an unidentified German institutional investor.

The portfolio consists of the Espace Orban assets in Rue D'Arlon and Rue de la Science in Brussels, which were sold for a combined EUR 80 mln, as well as the Plzenska 5 property in Prague, representing an investment of EUR 52 mln, and Watling House on London's Cannon Street.

The divestments nearly double the liquidity ratio of Degi International, which currently stands at around 15%, according to Hartmut Leser, head of Aberdeen Deutschland. 'For our investors and commercial partners, this move underlines our intention and ability to generate enough cash to re-open the fund by November this year,' Leser said.

The transaction comes hard on the heels of Degi International's sale last week of an office building in London to an unnamed institutional investor for £60 mln (EUR 70 mln). Completed in 1999, the Alder Castle scheme at Noble Street was acquired by Degi International in November 2003. It comprises 8,600 m2 of fully let office accommodation.