The Executive Board of Catella Real Estate AG (CREAG) has decided to terminate the management of Catella MAX with effect from 13 October 2026. The fund will subsequently be wound up in an orderly manner and closed. Catella MAX is an open-ended domestic public-offering property fund (WKN A0YFRV / ISIN DE000A0YFRV7) which was aimed in particular at high-net-worth private investors. From 13 October 2026, no further units will be issued or redeemed. The property portfolio will be sold off in stages.
Retail investors’ investment behaviour has changed – liquidation in the investors’ best interests
The geopolitical challenges of recent years, the changed interest rate environment and the shift in investment behaviour amongst high-net-worth private clients have brought about structural changes to the operating environment for open-ended public property funds. Like other open-ended public property funds, Catella MAX is also experiencing outflows of capital. A sustained return of capital inflows is not to be expected. If the fund were to continue, the necessary liquidity would increasingly have to be generated through property sales. The weak transaction market, with its limited liquidity, makes such sales difficult.
An orderly disposal process makes it possible to sell the properties gradually and without immediate pressure to sell. The fund can take advantage of suitable market opportunities and also deploy liquidity in a targeted manner for asset management measures that will support a subsequent sale.
At the time of termination, Catella MAX is in good order. “Our primary concern is to strike a fair balance between the interests of all investors. By finalising the investment strategy, we aim to protect value,” says Dr Bernd Thalmeier, Member of the Executive Board of Catella Real Estate AG. “This orderly winding-up ensures that all investors participate in the portfolio’s future development and the proceeds from its sale in accordance with uniform rules.”
Original target return of 4% to 5% per annum exceeded
Since its launch in 2010, the Catella MAX has achieved an average annual return of 5.1 per cent^[2] according to the BVI method^[1], exceeding the target return of 4 to 5 per cent per annum set out at the fund’s launch. “Investors with a long-term perspective have achieved an attractive return with the Catella MAX,” says Dr Bernd Thalmeier. “The performance since 2010 shows that the fund’s unique investment strategy has proven its worth over many years. Recently, however, market-driven valuation adjustments have weighed on performance.”
Successful investment strategy with a regional focus on Munich
The Catella MAX was launched in 2010 as a regionally focused property fund for the Munich metropolitan area. It was one of the first open-ended property funds to focus exclusively on a single urban region. In doing so, the fund pursued a concept that was, at the time, novel for open-ended property funds under German investment law. The fund was aimed in particular at high-net-worth and experienced private investors. The focus was on established neighbourhood locations. The fund invested predominantly in high-quality existing properties and adopted a long-term holding strategy. The core and core-plus approach aimed to generate stable rental income and achieve a balanced risk profile. At the same time, the fund diversified its investments across different property types and tenants, with a focus on offices.
Sale of the “Park View” in Schwabing
The ongoing sales demonstrate that certain properties in the portfolio can be sold even in the current challenging market environment. Most recently, ‘Park View’, a mixed-use residential and commercial building in Munich’s Schwabing district, was sold. All investors will benefit from the cash inflow generated by the sale and will share in the financial returns through regular distributions of funds.
What does the future hold for investors now?
Upon termination of the management agreement (Section 99 of the KAGB), the fund management company initiates the orderly winding-up of the special fund. The fund remains in existence for the time being, but the properties are sold off in stages. The issue and redemption of units were permanently suspended upon termination. Payments are generally made to all investors on a half-yearly basis and on a pro rata basis from the proceeds of the property sales, provided that these proceeds are not required for the management of the fund or to settle liabilities. As the sale of the property portfolio takes place gradually, the liquidation process usually takes several years. BaFin and the custodian were informed of the termination; furthermore, it was published in the Federal Gazette, on the website and via a durable medium.
1 Past performance and forecasts are not a reliable indicator of future performance. Performance calculated using the BVI method (read PDF – BVI Fund Association); this method treats any distributions made as having been reinvested, whilst any initial or redemption charges levied, and any other costs incurred by the investor (e.g. custody fees), are not taken into account. Any redemption fee charged further reduces the actual return achieved by the investor over the holding period. Past performance is not indicative of future returns.
2 As at: 30 September 2026
