Catella MAX Fund to be terminated after 16 years of a successful investment strategy

The executive board of Catella Real Estate AG (CREAG), has decided as AIFM to terminate the management of Catella MAX effective October 13, 2026. The fund will then be wound up and liquidated in an orderly manner. Catella MAX is an open-ended public real estate investment fund (WKN A0YFRV / ISIN DE000A0YFRV7) that was aimed primarily at affluent private investors. As of October 13, 2026, no new units will be issued or redeemed. The real estate portfolio will be sold off in stages.

Changing investor behavior – liquidation in the investors’ best interest

The geopolitical challenges of recent years, the changed interest rate environment, and the adjusted investment behavior of affluent private clients have structurally altered the operating conditions for open-ended public real estate funds. Like other open-ended public real estate funds, Catella MAX is also experiencing outflows of funds. A sustained return of inflows is not expected. If operations were to continue, the necessary liquidity would increasingly have to be generated through real estate sales. The weak transaction market with limited liquidity makes such sales difficult.

An orderly wind-down will allow the properties to be sold gradually and without immediate pressure to sell. The fund can take advantage of suitable market opportunities and also use liquidity strategically for asset management measures that will support a future sale.

Catella MAX enters the liquidation phase in an orderly state. “Our primary concern is to strike a fair balance of interests among all investors. We aim to protect value by concluding the investment strategy,” says Dr. Bernd Thalmeier, Executive Board of Catella Real Estate AG. “The orderly liquidation ensures that all investors participate in the portfolio’s future performance and sale proceeds according to uniform rules.”

Original return target of 4% to 5% p.a. exceeded

Since its launch in 2010, Catella MAX has achieved an average annual return of over 5%, calculated using the BVI method, exceeding the target return of 4% to 5% annually set at the fund’s launch. “Long-term investors have achieved good results with Catella MAX,” says Dr. Bernd Thalmeier. “The performance since 2010 shows that the fund’s investment strategy has proven itself over many years. Recently, however, market-driven valuation adjustments have weighed on performance.

Successful Investment Strategy with regional focus on Munich

Catella MAX was launched in 2010 as a regionally focused real estate fund for the Munich metropolitan area. It was one of the first open-ended real estate funds to focus exclusively on a single metropolitan region. In doing so, the fund pursued a concept that was new for open-ended real estate funds under German investment law at the time. The focus was on established urban neighborhoods. The fund invested primarily in high-quality existing properties and adopted a long-term holding strategy. The core and core-plus approach aimed for stable rental income and a balanced risk structure. At the same time, the fund diversified its investments across different property types and tenants, with a focus on office space.

Sale of “Park View” in Schwabing

Ongoing sales demonstrate that properties from 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-Schwabing, was sold. All investors will benefit from the cash inflow generated by the sale and will share in the proceeds through the regular distributions of funds.

What happens next for investors

By terminating its right to manage the fund (Section 99 of the German Capital Investment Code (KAGB)), CREAG, as the AIFM is initiating the orderly liquidation of the fund. The fund will remain in existence for the time being, but the properties will be sold off gradually. The issuance and redemption of units were permanently suspended upon termination. Payments to all investors are generally made semi-annually and on a pro-rata basis from the proceeds of the real estate sales, provided such proceeds are not required for the management of the fund or to settle liabilities. Since the sale of the real estate portfolio is taking place in stages, the liquidation process typically takes several years. Germany’s Federal Financial Supervisory Authority (BaFin) and the custodian were informed of the termination; it was also published in the Federal Gazette (Bundesanzeiger), on the website, and via a durable medium.

About Catella Investment Management

Catella Investment Management GmbH (CIM) is an independent and entrepreneurial real estate investment advisor and part of Stockholm-based Catella AB. CIM advises more than 25 mutual real estate funds and special real estate funds as well as several mandates across 15 European countries, with approximately EUR 10 billion in asset under management and a focus on residential, mixed-use, parking, and logistics properties. CIM provides (advisory) services in research, portfolio management, acquisitions, disposals, and asset management and operates offices in Berlin, Munich, and Vienna.

About Catella Real Estate AG

Catella Real Estate AG (CREAG), is as AIFM platform part of Stockholm-based Catella AB. CREAG is a capital management company (KVG) licensed under the German Capital Investment Code (KAGB) and supervised by BaFin. It manages open-ended public real estate funds and special real estate funds for private and institutional investors, as well as individual mandates. Since January 2025, CREAG and CIM have operated as a joint fund platform.

Catella Investment Management GmbH

Stine Zöchling

Head of Marketing and Public Relations

Office: +49 (0)30 887 285 29 76

Mobile: +49 (0)151 544 51 005

Email: stine.zoechling@catella.de

[1] As of September 30, 2026

Notes:

This is a marketing communication. It serves information purposes only and constitutes no investment advice, no investment recommendation, no offer and no invitation to buy or sell investment products. The information provided is not suitable to serve as basis for making a concrete investment decision. It includes no legal or tax advice. Disclosure of the information constitutes neither a contractual obligation nor any other liability towards the recipient or any third party. This marketing communication is not part of the legally required sales documents of the investment fund discussed in this marketing communication. Fund units are sold exclusively on the basis of the fund’s investment conditions as amended, in combination with the information for semi-professional and professional investors, pursuant to Section 307 (1) and (2) of the German Capital Investment Act (KAGB) as amended. The decision to invest in the fund discussed in this marketing communication should take into account all characteristics and objectives of the fund as described in the legally required sales documents. The information for semi-professional and professional investors pursuant to Section 307 (1) and (2), KAGB, (including a description of the material risks), the investment conditions, the key information document, and the most recently published annual report, each as amended are available in paper form from Catella Real Estate AG, Alter Hof 5, 80331 Munich, or can be retrieved electronically under www.catella.com/aifm.