Aberdeen Asset Management’s mandate for the Degi International fund has ended, with Commerzbank to asset manage the operative business.

The former German open-ended real estate fund (GOEF) was closed in 2011 as a consequence of the wake of the financial crisis due to liquidity issues.

The “appropriate utilisation of the remaining five properties and the following payout to the investors is now up to Commerzbank”, Aberdeen said.

The asset manager will, however, continue as operative administrator of the portfolio as requested by the custodian.

A “liquidity reserve” of around €205m remains in the fund.

A total of 27 properties have been sold since closure for around €1.8bn, of which just over €1bn was paid out to investors.

A similar approach was taken in July, when the smaller Degi Global Business fund was handed over to Commerzbank with two remaining properties and a liquidity reserve of €17m.

For that fund, Aberdeen sold nine properties for €254m and paid out €106m to the investors.

Meanwhile, rating agency Telos said it has undertaken a second follow-up rating for Aberdeen’s real estate management, awarding it a AAA rating.