Month: September 2020

Pension funds worldwide queue up to sue Vivendi in Paris

first_imgTwelve years after Vivendi Universal’s stock price collapsed from €140 to €8.60, the firm faces further charges to refund defrauded shareholders for their losses.Judge Darmon, of the Paris Commercial Court, will be examining a new lawsuit on 5 December filed by a host of institutional investors seeking compensation after the firm was convicted of financial fraud and providing misleading information.Frederik-Karel Canoy, the first attorney who sued Vivendi 10 years ago and gathered investors on this case, said: “It’s a unique chance for Vivendi institutional shareholders to be refunded from their loss.”Plaintiffs already include the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), Connecticut Retirement Plans and Trust, British Airways Pension Trustees, Scottish and Newcastle Pension Plan Trustees, Europensiones from Spain, AMF Pensionsförsäkring and AP7 from Sweden, PKA of Denmark, Norway’s central bank Norges Bank, Queensland’s state fund manager QIC and the Government of Singapore, to name but a few. Frederik-Karel Canoy, who sued Vivendi 10 years agoVivendi agreed to pay a $50m (€37m) settlement to the US Securities and Exchange Commission by the end of 2003 to avoid prosecution, while Messier also paid a $1m fine to the US watchdog.The SEC alleged “fraud between December 2000 and July 2002, including false press releases, improper adjustments to earnings and failure to disclose future commitments”.French justice was slower to take action against Vivendi’s former chief executive.Inspectors from the Commission des opérations de Bourse – the COB, before it changed name to the AMF – had gathered evidence of a market manipulation in 2001, but the watchdog’s heads sent Vivendi a letter asking for better practices instead of a sanction procedure.The AMF eventually fined Vivendi and Messier over false information in November 2004.Despite all appeals, Vivendi was convicted in September 2009.Another criminal charge also found Messier guilty of fraud in January 2011.At his appeal trial on 20 November 2013, the prosecutor confirmed some of the charges but asked for a reduced sentence.A class action took place in the US in 2009 where Vivendi was convicted to repay up to $10 a share to investors having bought or held securities between 30 October 2000 and 14 August 2002.But very few people invested in Vivendi through ADRs.Pension funds and institutions bought Vivendi shares in the Paris Bourse turned to Canoy for alternative legal action.He said more institutional investors could join his case on the Paris Commercial Court to ask for up to €160 a share for financial refund and €10 in damages, plus €20,000 of legal expenses by plaintiffs who held Vivendi shares between December 2000 and July 2002. Canoy said he expected even more to join.“This procedure allows plaintiffs to enrol in the process,” he added.Vivendi Universal was grown to a giant media company after chief executive Jean-Marie Messier led a merger frenzy in the early 2000s, first with Canadian Seagram (owner of Universal Music and Studios), then adding USA Network and Liberty Media in 2001, before it was forced to deleverage by downsizing.An investigation was launched after Canoy’s complaint in 2003 developed into a worldwide financial scandal.last_img read more

Draft IORP II reveals changes for cross-border schemes, prudential regulation

first_imgThe leaked draft of the IORP II Directive has seen the requirement for cross-border pension schemes to be fully funded removed, as it moves closer to its finalised form.The draft, which also revealed European Commission support for long-term investing, needs to be approved by the College of Commissioners before full publication.It said the Commission would look to overhaul the current requirement for defined benefit (DB) schemes to be fully funded, should they operate in more than one EU member state, essentially harmonising the definition of cross-border schemes throughout the union.This is part of a plan to create a more open EU market for both DB and defined contribution (DC) pension schemes. This was stated as an aim by Klaus Wiedner, who heads the insurance and pension policy unti within internal markets, who confirmed to IPE in November 2013, that a criticism of the previous draft was its failure to facilitate cross-border pensions.In line with this, the draft directive also includes further detail on what the Commission classes as prudential regulations.It defines the areas understood to belong to prudential regulation and takes away the legal uncertainties for institutions caused by different definitions among member states.The Commission is looking to iron out inconsistencies in what is considered prudential regulation, simplifying the operation of cross-border schemes.However, its passage into the final draft may be complicated.In its current form, it includes operational conditions, technical provisions and its funding, solvency margins, investment rules and management, conditions for governance and required regulatory information.Within the funding and technical provisions, however, may be what some member states consider social or labour law, currently a member state competence.This could disrupt the harmonisation of prudential regulations in its current form, with protective arguments enacted to keep certain laws within a member state’s jurisdiction.In other aspects of the draft directive, the legislation lists heavy requirements for schemes to produce risk evaluations immediately following any significant change in risk profile.The newly evaluated risk register must be reported and include the effectiveness of risk management, funding requirements in relation to risk, the scheme’s ability to comply with technical provisions and qualitative assessments on adverse deviation, sponsor support and operational risks.Articles within the draft directive legislate for schemes the requirement for all individuals armed with running schemes to be “fit and proper”, along with national regulators ensuring schemes have “sound” remuneration policies, which promote effective risk management.Moving towards a ramped up governance structure, the directive also requires member states to ensure that schemes create risk-management systems that include underwriting and reserving, liability management, derivatives, concentration management and insurance or other risk-mitigation techniques.The new directive also provides significantly detailed requirements for statements provided to members.While drawing on much of the work of the European Insurance and Occupational Pensions Authority (EIOPA), the legislation provides a lot of detail.It states its aims of ensuring that pension benefit statements have a common format across the EU, and that members be given the right information before enrolment, during accumulation and in decumulation.Benefit statements should be no longer than two A4 pages in length, while being comprehensible, and not making reference to other documents.They should also include data on balances, contributions and costs, with the latter broken down into administration, asset keeping and costs related to investment transactions.Pension projections should also be included in member statements and provide a target level of benefits per month – at estimated retirement, two years before estimated retirement and two years after estimated retirement.Additionally, statements should also carry information relating to member guarantees, including current level of financing of individual entitlements and any benefit reduction mechanisms.Pension schemes must provide members with detailed narratives on investment choices, as well as a chart demonstrating past performance on the investment.The directive said EIOPA would develop a draft technical standard to determine the components of pension and benefit statements by the end of 2016.Overall, the draft directive follows general expectations from the European industry for a more stringent governance and transparency requirement from pension providers.Before final publication, the directive will require approval from the College of Commissioners, with meetings expected in the coming weeks.last_img read more

Icelandic economy’s strength to limit pension fund outflows, says central bank

first_imgIceland’s pension sector is among the largest in the world when measured against the size of its local economy, with its ISK3.3trn in assets equating to more than 160% of GDP – second only to Denmark, according to the OECD.Since capital controls were introduced eight years ago, the sector has seen its overseas exposure decline markedly, and only ISK726bn, or 22% of assets, was invested overseas at the end of 2015 according the Icelandic Pension Funds Association.While the relaxation of capital controls will see Icelandic citizens able to invest more freely, such as removing restrictions on foreign capital purchases, pension funds will remain subject to specific exemptions granted by the central bank.The draft legislation released by government said that once controls were completely lifted, it would also review the law governing pension fund investment and their level of risk diversification.Again referencing the size of the pension sector relative to GDP, the bill added: “In such a large asset portfolio, risk diversification is of key importance to the economy and works against distortion of domestic asset prices.”Iceland’s capital controls have seen the pension sector forced to invest in domestic assets, and has led to the creation of a domestic private equity industry, and increased exposure to real estate.The funds were allowed to maintain their existing overseas holdings when capital controls were introduced in 2008, with any proceeds from the holdings also exempt from repatriation.The central bank first began granting exemptions for the pensions sector in June 2015, and relaxations of capital controls were first signaled this May, when the government introduced a bill on the treatment of króna owned by investors outside Iceland. Icelandic pension funds are unlikely to move substantial amounts of money overseas once the government liberalises capital controls in place since 2008, with the Central Bank of Iceland predicting outflows of ISK80bn (€604m) from next year.In a report by the central bank, released as the Icelandic government published its draft bill to relax capital controls introduced in the wake of the country’s banking collapse, the bank noted that the pension sector had less “pent-up need” to invest overseas following several exemptions offered since last summer, which will allow a total of ISK80bn to flow out of Iceland by the end of September.The bank predicted that annual overseas investment by the pension sector would amount to ISK60-80bn from 2017 onwards, and cited the range of domestic investment opportunities as the reason for the relatively low level of outflows.“The interest rate differential with abroad and good investment opportunities in Iceland, particularly in domestic mortgage loans, greatly reduces expected outflows related to the pension funds’ foreign investment,” the bank’s report said.last_img read more

RPMI allocates £700m to proprietary momentum factor mandate

first_imgCraig Heron, senior investment manager at Railpen, said that the mandate is being added to the pension scheme’s alternative risk premia equity portfolio.“We enjoyed working together to develop what we consider to be a robust approach to momentum investing,” he said.Railpen made a push into alternative risk premia following an overhaul of its investment strategy in 2013, and in late 2015 grew its alternative risk premia team with a hire from EDHEC’s ERI Scientific Beta. In January this year, RPMI Railpen invested seed capital in multi-factor funds it created with Unigestion.A concern with costs is one of the drivers behind the move into smart beta-style strategies.Writing in the Railways Pension Scheme’s 2015 annual report, John Chilman, chairman of the trustee company, said that alternative equity premia strategies, through which the scheme’s equity investment has increasingly been carried out, “identify underlying drivers of return and build portfolios cheaply and systematically”. RPMI Railpen, the asset manager for the UK’s Railways Pension Scheme, has awarded a £700m (€832m) proprietary “stable momentum” factor investing mandate to Russell Investments.The £22bn Railpen and Russell worked together on the strategy, with the resulting portfolio designed to mitigate the severity of momentum crashes, according to a statement from the external asset manager.“This is achieved by looking beyond just the previous 12 month return and identifying those stocks that have not only strong returns but have also achieved these returns with a higher level of consistency,” said Russell in a statement.“By identifying companies with consistently strong performance patterns it increases the likelihood of the returns persisting in the future.”last_img read more

Irish and Chinese sovereign funds partner for €150m tech fund

first_imgIreland’s €8bn sovereign wealth fund has partnered with its Chinese counterpart for the second time to invest €150m in technology companies in the respective countries.The Ireland Strategic Investment Fund (ISIF) and CIC Capital – part of the China Investment Corporation – announced the launch of the China-Ireland Growth Technology Fund II in Beijing today.It marks the second time the two countries have partnered on a technology investment project, after the launch of a $100m fund in 2014.The new vehicle will invest in “high-growth Irish technology firms with an ambition to access the Chinese market, and Chinese firms seeking to use Ireland as a base for European operations”, according to a statement from the ISIF. CIC Capital and the ISIF will each invest €75m into the fund. It will be co-managed by Ireland’s Atlantic Bridge Capital and China’s WestSummit Capital.ISIF director Eugene O’Callaghan said: “China has emerged as a leader in many areas of technology over the last four years. We look forward to working with CIC Capital again on this new fund, which will offer a strong economic return to Ireland, as Chinese companies looking to gain access to Europe use Ireland as a base for their operations.“The Irish companies that will benefit from the fund will gain from the opportunities to grow their business and product potential in the Chinese market.”Pascal Donohoe, Ireland’s minister for finance, public expenditure and reform, said the collaboration was “a great opportunity to promote Ireland’s economy to international businesses”. The first incarnation of the China-Ireland Growth Technology Fund helped create 350 jobs in Ireland, the ISIF said. One of the fund’s core objectives is to boost employment in the country through domestic investment.last_img read more

Railpen chief executive exits after less than a year

first_imgWillcock (pictured) is to become CEO of insurance company AIG UK Life in March 2019, subject to regulatory approval, AIG said in a statement.Babloo Ramamurthy, chairman of RPMI, said: “We would like to thank Phil for his contribution during his time as chief executive. RPMI Railpen’s chief executive officer Phil Willcock has resigned his position after less than a year at the £27.4bn (€30.4bn) pension fund. “We will be seeking to recruit a high calibre successor who will help deliver RPMI’s mission of paying members’ pensions securely, affordably and sustainably and provide support to the trustees of the Railways Pension Scheme.”Willcock joined the industry pension fund for the UK’s railways sector from Aviva, where he worked for more than seven years in a variety of roles, most recently as CEO of its Italian business.Willcock’s other previous senior roles include chief operating officer and sales and marketing director at Aviva’s UK & Ireland Life Company. He replaced Chris Hitchen, who led RPMI Railpen for 13 years. Hitchen is now chair of the Border to Coast Pensions Partnership, a collaboration between a group of UK local authority pension schemes, and commercial defined benefit scheme consolidator The Pension SuperFund.Adam Winslow, AIG’s CEO for international, life and retirement, said Willcock had “an outstanding track record” in insurance.Willcock added: “I am thrilled to be offered the opportunity to lead AIG Life. Over the last 10 years the business has demonstrated its ability to innovate and grow, and I look forward to being part of the team ensuring it remains at the forefront of the UK protection market.”RPMI Railpen said Ramamurthy would assist the trustees with the appointment of a successor.last_img read more

Currency aided Danish pension funds in first quarter: Willis Towers Watson

first_imgLow levels of currency hedging boosted the returns of Danish pension providers in the first quarter of 2019, but equity risk was the deciding factor on performance, according to Willis Towers Watson.Both the highest and lowest performing of Denmark’s main commercial pension providers were boosted by their currency hedging positions, the consultancy’s analysis showed, but adopting an aggressive or defensive investment strategy after the market rout in late 2018 had more of an effect on returns.Danica topped the first-quarter performance table with an 8% return for an investor with 50% in equities and 50% in bonds. SEB ranked a close second with 7.7%, while insurance and pensions firm TopDanmark was bottom, returning 5.8%.Danish pension fund returns in Q1Chart Maker In three other age-related profiles, Danica placed top in two profiles and SEB led the third.Morten Linde, head of savings at Willis Towers Watson, said: “Danica’s portfolios have performed particularly well in the first quarter, because Danica has chosen a slightly more aggressive investment strategy than the other pension companies.“Danica has also chosen lower currency hedging, which has had a positive effect, as the US dollar rose by 2.2% in relation to the euro in the first quarter.”TopDanmark also opted for a low currency hedge approach, but was more defensive in its investments, he added.“This has cost the return in a quarter, where high risk turned out to be the right strategy,” Linde said.While equity markets had performed strongly across the board so far this year, Linde warned these rates of returns were not expected to continue throughout the rest of 2019.“The first quarter has been an unusually good quarter, so one cannot expect to get the same high return for the rest of the year,” he said. “The big increases are a response to the fourth quarter of 2018 being very dramatic, but the economy is still quite robust.”Asset class performance in Q1Chart Makerlast_img read more

People moves: Santander appoints UK pensions chief [updated]

first_imgATP Real Estate – Peter Bruun has been appointed as the new head of ESG for Denmark’s largest pension fund’s property subsidiary ATP Real Estate.A spokeswoman for the real estate arm confirmed that this was a newly-created role. ATP Real Estate chief executive Martin Vang Hansen said Bruun would bring the firm’s ESG work to a new strategic level.Bruun will join the company from his current role as head of communication and corporate social responsibility at state investment vehicle the Danish Growth Fund.AP1 – Magdalena Håkansson has been appointed as the new head of sustainable value creation for Sweden’s AP1. The Swedish national pension fund said it hired her in order to add valuable expertise and experience at a stage when the requirements for the AP funds as responsible investors and owners were being tightened.Håkansson – who will work across AP1’s investment strategies and focus on the integration of ESG analysis and active ownership – most recently worked for economic research company MSCI within ESG research. Prior to this, she worked for ESG consultant GES International.The Carlyle Group – Former PGGM alternatives chief Ruulke Bagijn has been promoted to head of the Carlyle Group’s investment solutions team, overseeing more than $45bn (€40bn) in private equity and real estate assets across the company’s AlpInvest and Metropolitan subsidiaries. She replaces Lauren Dillard.Bagijn left PGGM in 2016 after seven years leading its private equity and private markets teams. She spent just over a year at AXA Investment Managers–Real Assets as global head of real assets private equity, before moving to AlpInvest in 2017.In addition, Erica Herberg has been named chief financial officer for the investment solutions team at Carlyle, having previously held the same role within its credit team. She replaces Paul de Klerk, a co-founder of AlpInvest.PineBridge Investments – The $93.4bn US investment house has appointed Mick Sweeney as CEO of its Irish business. At PineBridge Investments Ireland, Sweeney will oversee local client relationships and business development as well as being PineBridge’s main contact with local regulator the Central Bank of Ireland.Sweeney was previously CEO of Bank of Ireland Wealth Management and acted as interim CEO of its New Ireland Assurance unit. He has also led its asset management and global markets businesses. PIMCO – Richard Thaler, Nobel prize-winning economist and a renowned expert in behavioural science and economics, has joined PIMCO as a senior adviser on retirement and behavioural economics.In a statement, PIMCO said Thaler would help the US fixed income giant to “better understand human behaviour and how it impacts decision making, including how individuals make decisions in saving for and spending during retirement”.“PIMCO aims to use these insights to help create investment solutions which better serve a wide variety of client needs, both in the accumulation of assets to prepare for retirement, and strategies for winding down those assets in a thoughtful way that accommodates the inevitable uncertainties facing retirees,” it added.The company recently announced a partnership with the Center for Decision Research at the University of Chicago Booth School of Business, where Thaler is a professor.Majedie Asset Management – The UK-based specialist equity manager has hired Cindy Rose to the newly created role of head of responsible capitalism. She will join in August from Aberdeen Standard Investments where she was head of ESG, clients and products. Rose was previously co-head of ESG and stewardship at Aberdeen Asset Management, prior to its merger with Standard Life.Majedie, which runs £12bn, said Rose would “lead and further develop” the company’s approach to ESG. It is a signatory to the PRI and the UK Financial Reporting Council’s Stewardship Code.Majedie CEO Rob Harris said: “Majedie’s holistic and integrated approach means we do not separate ESG from financial performance indicators. ESG issues have financial implications; they do not exist in a vacuum.“A longer-term perspective that is fair to employees, shareholders, customers, regulators and the wider community is more sustainable and eventually more valuable to shareholders.”Link Asset Services – The UK-based fund services provider has named Karl Midl as managing director of its Link Fund Solutions (LFS) business, which provides back-office services for investment companies and asset managers – including two of the newly formed Local Government Pension Scheme asset pools.Midl replaces Peter Hugh-Smith, who has led LFS – previously Capita Asset Services until 2017 – as managing director since 2014. Midl has worked at Link for 24 years and has been on the LFS board since 2002, and has also worked as operations director and programme director for LFS.In addition, Link has appointed Andrew Lelliott as managing director of Link Fund Administration and Link Financial Investments, which provide administration and related services for pooled investment funds. Lelliott joined in 2018 after a 10-year spell working for Northern Trust’s transfer agency business, and has also worked for IFDS and Schroders in investor services roles.Law Debenture – The UK independent trustee company has hired Alan Baker from Mercer as a trustee director. At Mercer he was head of defined benefit (DB) solutions and chair of the consultancy company’s DB policy group. He also helped develop Mercer’s fiduciary management offering, and its longevity hedging service for smaller UK schemes.Michael Chatterton, managing director of LawDeb Pension Trustees, said Baker brought “an in-depth understanding of both DB and [defined contribution] pensions” to the role.He added: “Alan’s understanding and extensive experience of designing and implementing technology will be of huge value to LawDeb’s clients who are seeking innovative and efficient ways to use technology to manage schemes and communicate with members.”Scottish Widows – Ciaran Barr, former investment director at the Railways Pension Scheme (Railpen), has joined the independent governance committee (IGC) overseeing Scottish Widows’ UK workplace pension offering.Before joining Railpen Barr worked as a senior economist at the Bank of England, and was also Deutsche Bank’s chief UK economist and senior international economist. He replaces John Howard, a former TV and radio presenter and now non-executive director with several financial services organisations. Babloo Ramamurthy, independent chairman of the Scottish Widows IGC, said Barr was “highly experienced in governance, strategic investment, pension scheme design and best practice fund design”. Ramamurthy previously worked with Barr at Railpen, where he is chair of the board of its parent company RPMI.Legal & General Investment Management (LGIM) – LGIM has named three people to the board of its Irish subsidiary, which was granted new permissions last year to aid its preparations for Brexit.Lee Toms, LGIM’s global head of investment operations, Volker Kurr, head of the company’s German branch and head of European institutional distribution, and John Craven, LGIM Europe’s head of finance, have been elected to the board of directors with immediate effect.Janus Henderson Investors – The $357bn asset manager has hired Suzanne Cain as global head of distribution. She will join on 20 May and will be tasked with overseeing the firm’s global sales and product strategy for institutional and retail business. Cain was previously global head of institutional clients at iShares, BlackRock’s exchange-traded fund business. She has also held senior roles at Deutsche Bank and Morgan Stanley.Solactive – Christian Grabbe, chief operating officer at German index provider Solactive, is to exit after five years with the firm. He will leave “after ensuring a smooth transition”, Solactive said.In a statement, the company said Grabbe had “played a key role” in its international expansion. Solactive has grown from 20 employees to more than 200 in five years, and now has offices in Canada and Hong Kong as well as Germany.Grabbe’s responsibilities will be split between the remaining members of Solactive’s board: CRO Christian Vollmuth, chief indexing officer Dirk Urmoneit, and CEO Steffen Scheuble. Santander, ATP Real Estate, AP1, The Carlyle Group, PineBridge Investments, PIMCO, Majedie, Link Asset Services, Law Debenture, Scottish Widows, LGIM, Janus Henderson, SolactiveSantander – Lee Sullivan has joined Santander UK as its new head of group pensions, effective 1 May. He is responsible for running the trustee executive function for the bank’s £11.5bn (€13.3bn) UK pension scheme.Sullivan was previously group pensions manager at BNP Paribas, a role he held for more than six years. He replaces Stuart Dunn, who has left Santander to “pursue a new opportunity”, according to the bank.last_img read more

​Danes not properly told about pension risks, watchdog finds

first_imgMore than two-thirds of pension contributions in Denmark are now directed into unguaranteed market-rate products, the authority said, noting that the shift away from guaranteed pension products had political support.The FSA said the information pension holders were given in their pension forecast threw up many issues.“The only thing a pensioner can be almost sure of is that the number can and will change – both before and after retirement. However, this is often not communicated clearly to the pensioner,” the watchdog said.It stressed, however, that several things had happened in the field of market-rate pensions since the report was compiled, but that it was still relevant to publishing the study’s overall result, since it contained a description of how the industry communicated before focusing on the area.“In this way, it is easier to chart the development and industry improvements by a subsequent follow-up study,” the FSA said.“it is hard for pension holders to gain insight into the risks they carry with market-rate products”Finansitilysne, the Danish FSAIn the consultation following the FSA’s conference entitled “Pensions when guarantees disappear” in early 2017, industry association Insurance & Pension Denmark (IPD) announced four sector initiatives to increase consumer information.The FSA said providers implemented some of these solutions on 1 January 2019 and, according to its information, all the measures were to be completed by the beginning of 2020.These initiatives had not been reviewed in the report, it said, nor whether they had solved consumer issues or would do so.Among conclusions, the FSA said in its report that with some providers, disability pensions were connected to the same risks as old-age benefits, and were affected by the same changes in the assumptions, but that pension savers were not told this explicitly.It also said that while five commercial life insurance companies out of the 11 providers in the report did provide some form of security through hedging for their market-rate products, what these schemes actually covered and how they were described to pensioners varied widely.Information given to pension customers about risks was very sparse, it said, and where companies did mention this, most emphasis was on the investment risk.“None of the material of the companies in question contains clear information on the risks associated with a possible change in life expectancy,” the FSA said, adding that  several companies omitted this information completely. Providers of market-rate pensions in Denmark have not been giving customers adequate information about the risks they are exposed to, both in the accumulation and payout phases of the products, according to a new report by the financial regulator.The Danish FSA’s (Finansitilysnet) said its report covers information from pension companies on the “privatisation” of risk in unguaranteed market-rate products, and follows fact-finding work begun by the authority three years ago.The FSA said: “Based on the study, the Danish Financial Supervisory Authority finds that it is generally challenging for companies to adequately inform pensioners about the risks associated with pension products.“The FSA considers that it is hard for pension holders to gain insight into the risks they carry with market-rate products, and what consequences they may have for them,” it said.last_img read more

Penthouse sells off-the-plan for $2.8m in sweet deal

first_imgThe apartment will be a top spot to watch the fireworksMr Caulfield said Balmoral was known for having high-net worth individuals and flashy houses, but luxury apartments were not as common.He said another apartment in an older building nearby had sold for $3.35 million last year, suggesting there was a hunger for quality units in the prestige suburb. RENDERS: A penthouse at 47 Collings Street at Balmoral has sold off-the-plan for $2.8 millionA luxurious penthouse has sold off-the-plan in Balmoral for $2.8 million, in a deal the agent says is a sure sign the prestige apartment market is looking pretty sweet.The Courier Mail understands that the penthouse has sold to a young professional couple with local business interests. The showpiece kitchens will have a full suite of Miele appliances, timeless joinery and will feature stone and tiling, with each unit boasting two or three car accommodation side-by-side within the secure garage and direct lift access.There is also a private wine cellar for each apartment, with the remaining residences on the market for $2 million and $2.5 million respectively. The building is being developed by ZD Projects, with construction expected to be completed before Christmas.More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoEach residence has been designed with a “dual personality”, balancing “contemporary opulence … with supreme functionality”. Each apartment has soaring high ceilings, large outdoor terraces and modernist themes, including an emphasis on open living. There are three bedrooms in each residence, each with private walk-through robes and ensuites with brass fittings, freestanding bathtubs, and beautiful tiling. A render showing the rear of the penthouse, which has its own pool and terrace. Place Kangaroo Point agent Simon Caulfield said the penthouse was one of only three residences within the boutique development at 47 Collings Street.“We didn’t expect to sell it to a couple as young as they are,” Mr Caulfield said.“They wanted that space and those views … they have their own pool and terrace.” .last_img read more