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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 sector diversification.

Fund facts

Minium Investment Amount   300.000 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)
30 October 2019 0.15 EUR - *
2 September 2019 0.29 EUR - *
3 September 2018 0.18 EUR - *
22  December 2017  0.07 EUR 12.54%
12. September 2017 0.31 EUR 51.38 %
1. September 2016 0.37 EUR 48.64%
1. September 2015 0.40 EUR 49.58%
1. September 2014 0.27 EUR 52.07%
2. September 2013 0.32 EUR 32.59%
3. September 2012 0.33 EUR 32.88%
1. September 2011 0.37 EUR 26.38%
1. September 2010 0.04 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


Thomas Kübler

Portfolio Management Catella MAX
Direct: +49 89 189 16 65 0