Aberdeen Asset Management relaxed its 19% levy on customers wishing to cash in their holdings in its property funds back down to its pre-EU referendum level of 1.25% on Monday (1 August).

Following June's Brexit vote, panicked investors began withdrawing their money in commercial property funds triggering freezes by asset managers or in Aberdeen's case, the imposition of punitive charges, following a three-day freeze.

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Aberdeen's chief executive Martin Gilbert, said: "While property values have fallen following the UK's vote to leave the EU, investors do now appear to be taking a more measured assessment of property as a long term investment. Indeed we are seeing some signs of buying activity in light of recent market moves."

Headline valuation of Aberdeen's fund stands at £2.7bn ($3.5bnbn, €3.1bn), with a 7% decline in the underline value of the property holdings.

However, five property funds remain frozen including Aviva Investment Property Trust, Henderson UK Property Trust, M&G Property Portfolio, Standard Life UK Real Estate and Threadneedle UK Property Trust.

Earlier in the session, Standard Life's chief financial officer Luke Savage told IBTimes UK the move was a "dampening mechanism" designed to protect investors.

"The action we took is not out of the ordinary, in a sense that the terms and conditions under which people buy in to these funds state that the fund manager may suspend activity in order to protect the interests of all investors at times of stress. Yet, it is not a state of permanent paralysis for us. We'll review the situation every 28 days," he added.

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