Catella MAX: Management terminated and wind-up initiated
The management board of Catella Real Estate AG has terminated the management of the open-ended public real estate fund Catella MAX with effect from 13 October 2026. According to the published information, the orderly wind-up of the special investment fund was initiated at the same time.
The legal basis for the termination is § 99 KAGB (German Capital Investment Code). Since 13 October 2026, the special investment fund has been permanently closed; new units are no longer being issued, and redemptions of units are likewise no longer taking place.
The fund with WKN A0YFRV and ISIN DE000A0YFRV7 was launched on 24 February 2010. It was considered the first open-ended real estate fund with a clear focus on the Munich metropolitan region.
Legal framework for closure under § 99 KAGB
Notification to BaFin, depositary and publication
According to reports, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority) and the depositary were informed of the termination. In addition, a publication was made in the Bundesanzeiger (Federal Gazette). The depositary of Catella MAX is CACEIS Bank S.A., Germany Branch.
The closure took place against the backdrop of the provisions of the Kapitalanlagegesetzbuch (KAGB, German Capital Investment Code). Since the amendment introduced by the Fondsrisikobegrenzungsgesetz (Fund Risk Limitation Act), fund companies have been able to stop the redemption of units as early as the day of the announcement. Catella made use of this option in connection with the termination of management.
Fund Risk Limitation Act and liquidity management
The Fondsrisikobegrenzungsgesetz (Fund Risk Limitation Act) entered into force in substantial parts on 16 April 2026. Among other things, it implements Directive (EU) 2024/927 and contains a set of instruments for the liquidity management of investment funds.
According to specialist reporting, Catella decided against merely temporarily suspending unit redemptions. From the capital management company’s perspective, such a measure would not have been a viable solution to the structural problem.
Reasons cited by Catella for the wind-up
The company cites geopolitical challenges, the changed interest-rate environment, adjusted investment behaviour among high-net-worth private clients and ongoing outflows as reasons for the decision. Catella thus places the wind-up in the context of a changed market and investor environment.
Since its launch in 2010, the fund had achieved an average performance of 5.1 percent per year according to the BVI method; the reference date for this figure is 30 September 2026. Its long-term performance was therefore above the target return of four to five percent.
In the most recent reporting period, by contrast, the fund reported a BVI return of minus 6.4 percent. Market-related valuation adjustments were put at around EUR 27.6 million.
Fund key figures and portfolio development
Decline in fund volume and unit price
The fund volume recently decreased from EUR 359.3 million to around EUR 311.7 million. The unit price fell from EUR 19.18 to EUR 17.77.
As of the reporting date of 30 September 2025, the fund held 17 properties. The real estate assets were stated at EUR 484.54 million, and the net fund assets at EUR 348.77 million.
Further key figures as of the reporting date of 30 September 2025 were:
- debt financing ratio: 29.6 percent,
- liquidity ratio: 5.6 percent,
- occupancy rate: 91.5 percent,
- distribution on 26 September 2025: EUR 0.19 per unit.
Real estate portfolio and first sales step
Most recently, the portfolio still comprised 15 fund properties in the usage types residential, commercial workspace and retail. As the first step in the wind-up, Catella reported the sale of the mixed residential and commercial building “Park View” in Munich-Schwabing.
According to the published information, all investors are to benefit equally from the proceeds of this sale. As early as July 2023, the company had activated a redemption discount of five percent for Catella MAX.
Process of the orderly wind-up
The special investment fund will initially continue to exist. The properties are to be sold gradually; after deduction of loans, liabilities and costs, proceeds are generally to be paid out pro rata to all investors on a semi-annual basis.
According to reports, such a wind-up usually takes several years. A full and short-term repayment of the invested capital is not guaranteed.
Catella board member Dr. Bernd Thalmeier described an appropriate balancing of interests among all investors as a central concern of the orderly wind-up. The wind-up is intended to avoid selling pressure and to enable disposals in favourable market windows; the fund was in an orderly condition at the time of the termination.
Classification within the open-ended real estate fund market
Catella MAX had been expanded just over two years earlier through its merger with the Catella Bavaria fund. The current wind-up is taking place in a market environment in which open-ended real estate funds as a whole are experiencing outflows.
In 2025, net outflows from the open-ended real estate fund segment amounted to EUR 7.6 billion. In the previous year, net outflows had amounted to EUR 5.9 billion.
Catella — as KanAm Grund had previously done with Leading Cities Invest — skipped the KAGB suspension period of up to 36 months and proceeded directly to liquidation. KanAm Grund terminated the management of Leading Cities Invest with effect from 26 June 2026; since 29 June 2026, regular unit redemptions have generally no longer been executed.
UBS (D) Euroinvest Immobilien will also be wound up in 2026. In that case, redemption had previously merely been suspended; UBS informed BaFin of this step.
Legal significance for investors and other stakeholders
The termination of management under § 99 KAGB and the permanent closure change the legal and economic position of unitholders. Regular redemptions have no longer been possible since 13 October 2026; the further return of capital depends on the disposal of the fund properties and the proceeds remaining after deduction of the relevant items.
For investors, it may be particularly important how the wind-up is structured, what information is available and what payments are made over time. According to the available information, a full return of capital in the short term has not been assured.
Frequently asked questions
Catella MAX wind-up under § 99 KAGB: Are units still being redeemed?
Since 13 October 2026, the special investment fund has been permanently closed. According to the published information, neither new units are being issued nor existing units redeemed.
Catella MAX fund wind-up: When will investors receive payments?
The special investment fund will initially continue to exist while the properties are sold gradually. After deduction of loans, liabilities and costs, proceeds are generally to be paid out pro rata to all investors on a semi-annual basis.
Catella MAX closure: What practical consequences does the wind-up have for affected investors?
Affected investors can no longer return their units through regular redemption and are dependent on the progress of the wind-up. According to reports, a wind-up can take several years; a full and short-term repayment of the invested capital is not guaranteed.
Legal advice on the wind-up of Catella MAX
The wind-up of an open-ended real estate fund raises questions of capital markets law, banking law and corporate law, particularly in connection with investor rights, information obligations and the economic assessment of individual steps. MTR Legal Rechtsanwälte advises companies, investors and high-net-worth individuals on the legal assessment of complex fund and capital markets matters. If you have legal questions regarding the wind-up of Catella MAX, you can find further information under legal advice by MTR Legal.
