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Catella MAX

The Munich Real Estate Fund.

The fund Catella MAX invests exclusively in the city of Munich and its surrounding districts. Centrally located properties and attractive development projects are the key targets: individual zones are identified in each sector – residential, commercial and retail – and prioritised as investment targets. The goal is to achieve a high level of diversification in terms of building type and tenant structure to complement the diversified economic construct of Bavaria‘s capital city.

Investing in development and refurbishment projects is also an option, whereby a "vacancy budget" serves to limit the rental risk on fund level to a maximum of 10%. In line with sector diversification, the fund invests in existing residential properties in the medium price range as well as in new residential development sites in attractive, up-and-coming districts. This is complemented by a focus on small and mid-sized office properties with average to excellent standards, in good locations and with the possibility to be leased in small rental units. Retail spaces within the inner city, eventually also with a need for refurbishment and reletting, and other building uses complete the sectoral diversification.

Fund facts

Minium Investment Amount 50.000 EUR
Clearstream Compliance Yes
Fund Launch 24. February 2010
Fiscal Year 01. June until 31. May

Historical development


Date of DistributionDistribution per unitTax-free portion (for units in private portfolios)
1 September 20220.65 EUR-*
1 September 20210.40 EUR-*
1 September 20200.40 EUR-*
30 October 20190.15 EUR-*
2 September 20190.29 EUR-*
3 September 20180.18 EUR-*
22  December 2017 0.07 EUR12.54%
12. September 20170.31 EUR51.38 %
1. September 20160.37 EUR48.64%
1. September 20150.40 EUR49.58%
1. September 20140.27 EUR52.07%
2. September 20130.32 EUR32.59%
3. September 20120.33 EUR32.88%
1. September 20110.37 EUR26.38%
1. September 20100.04 EUR 2.86%

* The investment fund meets both the formal and the material requirements of section 20(3) sentence 1 no. 1 of the InvStG (in the version applicable since January 1, 2018). German private investors can therefore claim a partial exemption rate of 60% on distributions. 

Portfolio Manager


Fabian Herrmann

Portfolio Management
Direct: +49 89 189 16 65 0
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