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"Effective 30 January 2009 (from 07:00 am), DEGI, part of Aberdeen Property Investors, will end the suspension of redemptions for its DEGI INTERNATIONAL fund, which has been in effect since the end October 2008.
The resumption has widespread support from sales partners and major distribution channels. Similarly, large institutional investors, which represent less than 10% of the Fund, are satisfied by the quality of the holdings and have declared their willingness to continue holding units.
New business flows in the last three months are evidence of investor and advisor support for the fund. Since redemptions were suspended on 30 October 2008, the fund has posted inflows of a total of EUR 65 million from private investors. This has improved liquidity.
After ending the suspension of redemptions DEGI INTERNATIONAL will have access on liquid reserves of around 25% of fund assets.
In addition to the inflow of fresh investor capital, there has also been an increase in liquid assets available on a daily basis as a result of long-term earmarked bonds being reallocated to cash.
The high letting ratio of around 98% and the broad distribution of the portfolio properties across a large number of countries are indicative of the good quality of the property assets. As of 31 December 2008, the 12-month performance for DEGI INTERNATIONAL was approximately 4.8% (in accordance with the BVI calculation method). Since its launch in 2003, the fund has consistently provided positive returns.
By contrast, the company will extend the suspension of redemption of units for DEGI EUROPA, which is also managed by DEGI, for a further nine months. Since the suspension of redemptions of units on 30 October 2008, it has not been possible to secure sufficient liquidity to end the suspension. The fund manager will continue its efforts to increase the level of liquid assets in the fund and expressly tries to end the suspension of redemption early.
Background Information
DEGI Deutsche Gesellschaft für Immobilienfonds mbH ranks among the biggest property fund companies in Germany and ever since its foundation in 1972 has been specialising in the management of property assets. Its product portfolio currently comprises two open-ended property funds for private investors, two open-ended property funds for institutional investors, one special property fund, plus two individual mandates. The company, with around 135 employees, manages a total of approximately 6 billion euros. DEGI’s current portfolio includes properties in 17 different countries. Since 27 March 2008, DEGI is part of Aberdeen Property Investors.
More information: www.degi.com
Aberdeen Property Investors is the dedicated property investment division of Aberdeen Asset Management PLC, a global investment management group listed on the London Stock Exchange, which manages around €114 billion of assets in equities, fixed income and property. Aberdeen Property Investors manages over €30 billion of property assets in Europe, Asia and North America through property funds and separate account mandates, making it one of the top 10 global property investment managers. Clients are solely third party clients and primarily institutional investors, such as life insurers and pension funds. They are served by more than 700 professionals at offices in 11 European countries, as well as in Singapore and Hong Kong.
More information: www.aberdeenpropertyinvestors.com
Aberdeen Asset Management PLC is an international investment management group that primarily handles assets for leading national and company pension funds, central banks and other financial institutions at 24 facilities worldwide. Aberdeen employs a total of 1,900 people in around 21 different countries around the globe, and with its investment centres in London, Philadelphia and Singapore covers the most important markets in the world’s major time zones. The group’s most important lines of business are stocks, bonds and property. Aberdeen has been listed on the London Stock Exchange since 1991, and is a FTSE-250 company.
More information: www.aberdeen-asset.com" (CS della Società)
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