By Peter Starck

FRANKFURT, Jan 23 (Reuters) - Several German open-ended property funds extended their freeze on redemptions this week, many citing insufficient liquidity, but one asset manager said it would re-open one frozen fund at the end of the month.

Towards the end of October, a dozen funds with a combined 32 billion euros ($41.5 billion) worth of assets under management, or 38 percent of the total invested in all German open-ended property funds, were closed for withdrawals, most for an initial period of three months.

The closures came in reaction to a flood of redemptions from investors amid the unprecedented financial market turmoil triggered partly by the collapse of U.S. investment bank Lehman Brothers (LEHMQ.PK: Quote, Profile, Research) in mid-September.

Under German law, open-ended property funds must have liquidity corresponding to a minimum of 5 percent of assets.

Property investors DEGI, part of UK asset managers Aberdeen (ADN.L: Quote, Profile, Research), said on Friday its DEGI INTERNATIONAL fund, which was frozen for redemptions on Oct. 30, would re-open on Jan. 30.

Since the closing, the fund has seen inflows of more than 65 million euros, bringing liquidity to 25 percent of assets, DEGI said in a statement. The DEGI EUROPE fund, however, would remain closed, the company said.

Also on Friday, asset managers KanAM Grund Kapitalanlagegesellschaft said it would extend the freeze of its KanAm grundinvest and KanAm US-grundinvest funds.

AXA Investment Managers Deutschland, part of French insurer AXA (AXAF.PA: Quote, Profile, Research), said the same applied to its AXA Immoselect fund.