Guy Hands’ private equity firm Terra Firma is foregoing five years of fees from its Deutsche Annington fund as it makes a rare transfer of shares in the German property group to investors, effectively dissolving the fund.

Investors in the €2.1 billion Terra Firma Deutsche Annington fund were today given direct shareholdings in Deutsche Annington Immobilien, the fund's only investment, pro rata to their investments in the fund, according to a statement.