DLA Piper has advised Catella Real Estate AG (Catella) on the acquisition of a residential and commercial building in Munich. Catella acquired the property for its fund Catella MAX as part of an asset deal. This is already the twelfth property for the Catella MAX special fund, which is focused in Munich.

The property is located in Tumblingerstrasse, in the Munich district of Ludwigsvorstadt, and has an overall area of just under 4,300 square metres, of which 2,600 square metres are currently residential space. The building has been completely renovated in recent years and is fully let.

Dr Tim Schomberg, Portfolio Manager of Catella MAX, explained that the purchase has been able to ensure even greater diversification and hence stability of the portfolio. In addition, further strategic reserves of land have been secured for the fund in the extremely stable category of residential use. The fund now manages property assets of more than 190 million euros with an occupancy rate in excess of 97 per cent.

Founded in 2007 and headquartered in Munich, Catella Real Estate AG is concerned with the administration of special property assets as well as with advice on investment in real estate for private and professional clients. The purpose of the company is to design, develop and manage fund products. It is part of the Swedish Catella Group founded in 1987, which is one of the leading bank-independent investment and consulting companies in Scandinavia.

Advising on the side of DLA Piper was a team led by partner Dr Carsten Loll and counsel Dr Martin Haller which included the associates Barbara Rybka and Britta Jilge (all Real Estate, Munich).