Investment experts at a meeting organised by the European Association of Paritarian Institutions (AEIP) in Brussels have criticised the EU’s so-called Juncker plan, which they said would be of less use to pension funds than originally hoped.Speakers at the event – entitled ‘Long-term Investment and the Juncker Plan: Which Roles for Pension Funds, Social Insurers & Other Institutional Investors?’ – pointed to the shortage of suitable projects in EU president Jean-Claude Juncker’s €315bn investment plan.Dominique de Crayencour, secretary-general of the European Long-Term Investors Association, said there was plenty of money available for investment but not enough outlets. On the much-vaunted cross-border infrastructure development theme, he argued that “difficulties” were not fund-related but rather down the fact different countries too often failed to agree on a particular need. And negotiations, he added, could take years.What could help institutional investors, he suggested, was the establishment of a “pipeline” of suitable projects.This could, for example, include small-scale energy-efficiency projects.De Crayencour said this could make these projects more attractive for investors, as local authorities “do not have a clue” about the financial packaging of such deals.Meanwhile, Michael Smyth, a member of the European Economic and Social Committee (EESC), said the European Commission – which “can’t afford a failure at the present stage” – was taking a big risk with the Juncker plan.Smyth drew a parallel with the the Stability and Growth Pact (SGP), going back a decade or so.“Does anyone remember [that]?” he asked.The EESC recently published a draft “opinion” on the EU Investment Plan, as well as on the European Fund for Strategic Investments.While the opinion welcomed the Plan as “as step into the right direction”, it also questioned whether a “pipeline of projects can be developed that offer returns that attract institutional investors”.On the topic of shortage of good projects, Bruno Gabellieri, the AEIP’s secretary-general and chair for the meeting, argued that the European Commission’s approach had been “top down” and that a more “bottom-up” approach was needed. Further criticism of the EU policy came from James Watson, director of Business Europe, who raised the question of “additionality” related to the Juncker plan.His point was that projects earmarked in the plan could well have attained the funding required anyway.Not all speakers, however, took the critical line. Renato Guerriero, vice-president at the AEIP, listed points in favour of pension funds investing in infrastructure projects, citing employment and growth.He also pointed to growing pressure for more of this type of investment, in line with Northern Europe, Canada and Australia.Guerriero suggested that, where large infrastructure projects were concerned, small funds could join together in order to get involved.
He will take over from Hyldahl, who has been covering the equities role during the recruitment process.Hyldahl himself took over the top job at the subsidiary in April following the departure of his predecessor Alan Pollack, who left to become chief executive of pension provider PFA.As the new equity CIO, Lovett will be joining Nordea Asset Management’s senior executive management.He will be in charge of its five equity boutiques, private equity and responsible investments, Nordea said.His most recent job was head of equities and deputy chief investment officer at Ignis Asset Management in the UK, a firm which was bought by Standard Life last year. Before that he was at Allianz Global Investors as co-CIO for European equities and a member of the European management group responsible for the firm’s equity platform.Hyldahl said Lovett would help the business develop its single boutiques as well as the cooperation between boutiques, in order to produce strong investment performance over the long-term, he said.Nordea said Lovett’s role was created in January, when the investment organisation was split into four units.Nordea Asset Management is the biggest asset manager in the Nordics with €191bn under management at the end of June 2015.At group level, Nordea Bank today announced it’s chief executive Christian Clausen is stepping down after more than eight years in the role.He will be replaced by Casper von Koskull, who will become the group’s new president and group chief executive.Torsten Hagen Jørgensen has been appointed as the new group COO and deputy group chief executive.The changes come into effect on 1 November, with Clausen continuing in an advisory role until the end of 2016, when he will retire, Nordea said. Nordea Asset Management has hired Briton Mark Lovett as its equity CIO, a role that will see him head one of four new units it set up in January.Lovett will relocate to Copenhagen and take up the job no later than 17 August, according to Nordea, the Nordic and Baltic banking group of which Nordea Asset Management is a part.A spokesman said Lovett’s job will involve much travelling around the Nordic countries.Christian Hyldahl, head of Nordea Asset Management, said: “I am glad that we have been able to recruit Mark who has extensive experience within equities and the European asset management industry as well as cross-border management experience.”
It suggested the difference was attributable to the fact that many insurers also sell healthcare policies and have adjusted their investment policies accordingly.VBDO found that six pension funds had blacklisted investments in tobacco firms. They include the €185bn healthcare scheme PFZW, which ceased investing in cigarette manufacturers in 2013.The occupational schemes for general practitioners (SPH) and medical consultants (SPMS) have also halted investing in tobacco.The large metal schemes PMT and PME, when asked, indicated that they didn’t have a tobacco policy, although PME said it would introduce one soon.The €22bn multi-sector pension fund PGB also said it would come up with a policy, following a survey suggesting that just 17% of its participants supported tobacco investments.The €382bn civil service scheme ABP and the €54bn pension fund for the building sector (BpfBOUW) said they invested in tobacco companies “as the sale of cigarettes is still legal in the Netherlands”.The €5bn pension fund PNO Media made clear that it had launched a survey to find out how its participants perceived tobacco investments.According to VBDO, which didn’t publish the names of the investors participating in the survey, nine of the 11 interviewed insurers did not invest in tobacco.VBDO and the Heart Foundation rejected the often cited point that smoking is a free choice, arguing that many smokers have difficulties to quit the habit because of their physical addiction.They also contended that excluding tobacco investments doesn’t negatively affect returns.In their opinion, tobacco investments don’t have a future “as governments increasingly curb smoking and the worldwide number of smokers has been decreasing for years”. Dutch insurers have much stronger exclusion policies on tobacco industry investments than the country’s pension funds, a survey has revealed.The study, conducted by the Association of Investors in Sustainable Development (VBDO) and commissioned by the Heart Foundation found that an increasing number of pension funds were looking into the issue.VBDO said 55 institutional investors took part in the survey, including 30 pension funds with combined assets of €800bn, and 11 insurers.According to the VBDO, more than two-thirds of pension funds didn’t have a policy in place for tobacco investments, compared to 10% of insurers.
PensionsEurope, the European occupational pension fund association, lobbied against the delegated act provision, and Matthies Verstegen, a senior policy adviser, welcomed the Council’s text. The Europa building, where EU Council meetings are held“We believe better disclosures on sustainability considerations, without prescriptive delegated acts on how to integrate them, is meaningful progress without the regulator impinging on the role of the fiduciary,” he said.Eleni Choidas, senior EU affairs officer at campaign organisation ShareAction, said the deletion of the delegated acts provision for IORP II was “a big disappointment”.However, the European Parliament has maintained the delegated acts provision in its version of the text – although an amendment to remove it was only narrowly defeated last month.Next stepsAs well as the disclosure requirements, the Council – which represents EU national governments – yesterday announced that it had also agreed its position on the Commission’s low carbon benchmarks proposal. The EU Council has dropped a disputed amendment to the IORP II directive, which would have allowed the European Commission to issue rules relating to how pension funds take into account environmental, social and corporate governance (ESG) risks. In its version of the sustainable finance proposal on disclosure obligations, the Council deleted a provision to give the Commission the power to implement rules relating to ESG risks for pension funds, via so-called delegated acts.Instead, the Council’s text refers to requirements “in accordance with” IORP II. It also introduces a provision specifically aimed at pension funds, with a new article entitled “Transparency by IORPs and insurance intermediaries”.This links various disclosure obligations in the EU’s sustainable finance legislative proposal with a provision in the IORP II directive relating to how information should be made available to prospective and existing members and beneficiaries. Inside the European Parliament“Cutting greenhouse gas emissions requires investment,” said Hartwig Löger, minister for finance of Austria, which currently holds the Council presidency. “It is crucial that capital markets pay their fair share in channelling funding towards projects and companies that contribute to making our economy more sustainable.”The Council’s agreement on the proposals means that so-called trilogues – negotiations between the Parliament and the Council, with the Commission acting as arbiter – can begin, as the European Parliament has already voted on its position on the two proposals.It is up to the Council presidency, which switches from Austria to Romania in the new year, and the Parliament to decide when these negotiations will start.European Commission vice president Valdis Dombrovskis hailed the Council’s reaching its position on the two proposals and urged a speedy agreement in the trialogues under the Romanian presidency.Differing definitionsThe texts from the Council and Parliament have differing definitions of sustainability risks.The Council has defined a sustainability risk as “an uncertain environmental, social or governance event or condition that, if it occurs, could cause a material negative impact on the value of the investment”.However, the Parliament’s definition includes the potential social and environmental impacts of an investment.PensionsEurope’s Verstegen welcomed the Council’s definition in contrast to the Parliament’s.“The Council wants pension funds to focus on long-term sustainability risk for their members, whereas the European Parliament wants to mandate schemes to incorporate externalities in investment decisions,” he said.“The latter would be a significant departure from the current understanding of fiduciary duty and not in line with the recommendations of the High-Level Expert Group.”Shareholder votingShareAction’s Choidas also highlighted that, in contrast to the Parliament, the Council had not included requirements about the integration of sustainability risks into shareholder voting and company engagement policies.“We fought very hard to get those amendments in the disclosures regulation report at Parliament so it is a disappointment that we’re not really moving on [and] truly exploring the role that stewardship can play in the promotion of the sustainable finance agenda,” she said.However, Choidas said it was positive that the Council had included a “do no harm” concept in its proposal.This was the notion that an investment targeting a social benefit should not subtract from a positive environmental goal.
Currently, Dow pays its pension fund a costs-covering contribution, with its workers contributing 1.82% of their pensionable salary.The closed scheme, with a declining number of participants, is currently reducing its investment risk in order to stabilise the financial results.Last year it gradually started divesting its alternatives, including real estate and infrastructure, in favour of fixed income holdings.It also decided to reduce its equity allocation from 30% to 25%, while increasing its fixed income portfolio to 75%.The pension fund further indicated that it would raise the interest hedge of its liabilities from 75% to 85%.It added that, while it was recalibrating its investment portfolio, it would assess the extent of its credentials on socially responsible investing.The Dow scheme reported an investment loss of 1% for 2018. It said it lost 4.9% on equity, while returning 9.7% on its alternatives. Fixed income generated 1.2%.The pension fund has approximately 1,470 active participants, 1,045 deferred members and 2,770 pensioners.At August-end, its funding stood at 115.9%. Employer Dow Chemical is willing to increase its pensions contribution in order to compensate for lower returns generated by its Dutch pension fund, after it has reduced its investment risk.In a newsletter to its participants, the €2.5bn pension fund explained that an increased contribution would reduce the risk that the employer would have to fill in a financial shortfall at its defined benefit (DB) scheme during economic headwind.The sponsor’s willingness goes against the usual practice of employers aiming at a steady premium by switching to a defined contribution (DC) plan, removing the requirement to plug financial gaps at their pension fund.Both the employer and the pension fund declined to provide additional information.
“If you looked around the industry, you’d find most funds have had a playbook to deal with liquidity obligations at least of the magnitude we’re talking about, on a moderate, even to severe, early release scenario.”Patrick said COVID-19 had put a spotlight on liquidity, but the reality was that liquidity was not a new challenge for the industry.Telstra Super CIO Graeme Miller agreed that liquidity stress was far more likely to come from option-switching behaviour than from early release.“While that’s probably not true of every super fund in Australia, I’d say it’s likely to be the case for the great majority of funds in Australia,” he said.“(It) is a much bigger deal from a liquidity perspective than any COVID-19 or early release scheme.”Mark Delaney, AustralianSuper’s CIO, said it was still early days for members’ option switching.“We’re not sure how this is going to pan out,” he said. “Most funds I’ve spoken to on this panel have adopted a very conservative approach to managing to make sure they’re not caught out.”AustralianSuper, Australia’s largest super fund, has so far paid A$319m to 40,000 members who requested early release of part of their superannuation savings.The fund has received requests from 85,000 members representing total super savings of A$650m.“I don’t think the super system has too many illiquid assets”Mark Delaney, AustralianSuper’s CIOThe Australian government is allowing members to take up to $20,000 as early release from their savings in two tranches to meet COVID-19 financial stresses.The participating CIOs were unanimous in believing the industry would not have a liquidity problem of the type suggested by some critics because of the sector’s high exposure to illiquid assets.Delaney described such claims as “a furphy” – Australian slang for an erroneous or improbable story that is claimed to be factual.“I don’t think the super system has too many illiquid assets. Most funds would have two thirds of their portfolio in liquid assets.”The CIOs said allocations to illiquid assets gave members exposure to the broader economy, and that the risks often justified the returns.Telstra Super’s Miller said: “Some of the very best assets, some of the very best companies and some of the very best investment opportunities will present themselves in liquid form.”Another panelist, Troy Reick, CIO of Queensland-based LGIA Super, said it was “very hard” to make a case to buy a bond at 80 basis points per annum for the next 10 years.“(How do you) tell members that that’s going to meaningfully contribute to their retirement outcomes?” he said. Members switching to cash options will present a bigger liquidity challenge than early release of savings for Australia’s A$3trn (€1.8trn) superannuation industry, according to industry leaders.Chief investment officers from superannuation funds managing a total of A$600bn have told a virtual online roundtable hosted by Queensland Investment Corporation (QIC) that option-switching is a “much bigger deal” for the sector.Ian Patrick, SunSuper CIO, said his fund had learned from the 2008-09 global finacial crisis that member behaviour could drive people to make an investment switch from balanced options to cash.Liquidity stress testing, he said, had to anticipate meaningful moves away from today’s investments, whether by member behaviour in switching options or in choice of investment funds.
“One way to maximise the benefit for the default fund is to access private markets”Mats Langensjö“One way to maximise the benefit for the default fund is to access private markets, if the board or management of the default fund thinks it can add value to the portfolio,” he said adding that this was nevertheless something that needed to be implemented over time and with care.Langensjö is a veteran of Swedish pension system reform, before this latest commission having led one public inquiry and the three annual reviews leading to the new AP-fund law in 1999.IPE asked him whether he found there were always some interests that resisted reform.He said: “My experience is that the government are quite good at seeing past the responses that are more to protect current positions, market structure or keep the status quo, and on to what are honest and relevant contributions to improve the default fund.”Langensjö said his job was to suggest a way forward that was good for the members, the pension system and one could actually be implemented – rather than being a theoretical or fragmented idea.“I had to be holistic and consider the broader context,” he said.To read the digital edition of IPE’s latest magazine click here. Pension system troubleshooter Mats Langensjö says the consultation on his plan to overhaul the default option in Sweden’s premium pension system has produced some great suggestions – among those simply driving particular agendas.The current framework for AP7 – the SEK670bn (€63.4bn) national pension fund which runs the choice-free alternative in the first-pillar defined contribution (DC) system – is long outdated and hails from when its position was totally different, according to the independent consultant.Responding to questions, Langensjö told IPE: “This change is long overdue and I believe my proposal will give the default fund a more relevant structure and still have a framework that has the flexibility to accommodate future changes or economic scenarios.”The consultation ended on Monday, having been launched on 17 February, and resulted in 28 published responses after 37 stakeholders had been invited to comment. While many of the respondents praised the proposal or large parts of it, others, such as some academics and the Swedish Investment Fund Association, had criticisms.Asked what he thought of the responses as a whole, Langensjö said: “I believe overall it is a typical and expected range of responses in this kind of public consultation process – some really good suggestions on details that can improve the implementation and also the future process.”At hand was a complicated and important matter, he said, which affected millions of pension scheme members and a large, complex portfolio, so there were many benefits to be had from the consultation process.“As always, and as you can expect, there are those respondees who take a narrower approach or drive a certain agenda. That is understandable and expected,” he said.Langensjö said he expected several details, technical suggestions and proposals for the implementation process itself contained in responses to be taken into consideration by legislators.State pension buffer fund AP6, which specialises in private equity investment, said in its response that there was a need for further investigation of some aspects of the plan in relation to AP7’s proposed future as a major private equity investor.However, Langensjö said this had been addressed in his report, with much of the work having already been done in the form of extensive analysis carried out by the Ministry of Finance over the recent broadening of investment rules for the four main state pension funds, AP1-4.“Most responders did not have the time and ability to take the same holistic approach as I did in my work, considering many different perspectives and in the end proposing relevant legislation,” he said.“One of my key points is that a default fund in a compulsory state DC-plan has to be given all the means, ability and flexibility to adjust the portfolio over time and in different economic environments,” he said.The default fund was for premium pension scheme members who really needed professional portfolio management, whereas people who had the skill or need for an individual risk profile or asset allocation could use the range of funds on the funds platform, he said.
The leader of the European pensions lobby group has said that as economies are changed by the coronavirus pandemic, there will be even more need for funded private pension provision than there is now.Speaking at the IPE Summer Pensions Congress 2020, Matti Leppäla, chief executive officer of PensionsEurope, said: “What is certain is the debt levels of members states are growing tremendously, and the problems that the members states have already had with changing demographics and being able to deal with public pensions, and social security – that’s even more difficult going forward.“So there is even more need for funded private pensions, whether it’s workplace or personal pensions for different people in different countries in different ways,” he said in an online panel session in which pension fund leaders discussed future agendas in the sector.“What this crisis means is that many people need to save for themselves in one way or another more than they ever did before,” Leppäla said. Assessing the response of European supervisors as well as the European Commission to the onset of the COVID-19 crisis this year, he said their first reaction had been very good.“I think it was very good that for pension funds EIOPA was recommending the same relaxation of reporting requirements as they had some for insurance companies, and that was very helpful,” Leppäla said.Though the situation had now improved in the financial markets and the pensions sector was resilient at the moment, Leppäla said concerns about the real economy and financial markets were growing.Governments in EU states had put very different types of measure in place to ameliorate their local economic situation, he said, with some taking money out of their pension funds to be able to manage the unemployment crisis and to make ends meet.“Which is of course understandable but for pension funds that’s not a good option – almost a last resort,” he said.“I think the worst thing would be to nationalise pension funds, but in some countries nothing like that happens or is even possible,” he added.Looking ahead, Leppäla said it was quite obvious there would be long-term impacts on pension funds in the region, especially when looking at the recovery and stimulus measures being taken as well as the role of the central bank.Looking for IPE’s latest magazine? Read the digital edition here.
MORE NEWS: Suburb’s first residents sell up The Block winners Alisa and Lysandra Fraser have injected their style into this Hollywell penthouse.A LUXURY Gold Coast penthouse which has had a Block-esque makeover has hit the market. The three-bedroom Hollywell apartment was recently updated by The Block Sky High winners Alisa and Lysandra Fraser. The owners enlisted the cops turned reality stars who now have forged their way in the interior design business to do the contemporary makeover, alongside a renovation completed by a local builder. The three-bedroom apartment at 2601/323 Bayview St has had a contemporary makeover. Former cops Alisa and Lysandra were enlisted to help with the transformation. MORE NEWS: Castle’s fourth price slash The twin’s website lists the project as “a coastal luxury penthouse apartment.”“This prestigious penthouse apartment is undoubtedly one of the northern Gold Coast’s most desirable residences,” it reads. “With a functional and spacious floorplan that is framed by breathtaking Broadwater views, this luxury apartment exudes elegance and understated class.“Our brief was to create an interior that played on the beautiful natural surroundings, whilst showcasing a refined and relaxed lifestyle. “This beautiful space has been designed to incorporate blissful resort-style living, as well as being an entertainer’s paradise.” If open ensuites are your thing, this main bedroom will be a treat! The twins have a simple yet luxurious style.Ray White Sovereign Islands agent Leo Ryan, who is marketing the property at 2601/323 Bayview St, said a love for the reno show was why the owners got the twins involved. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“The wife is a big fan of The Block TV show and in particular Alisa and Lysandra,” he said.“Alisa and Lysandra were used as consultants for the interior design and styling. “The husband was born and bred on the Gold Coast but they have now been in Sydney for quite a few years and this was their holiday home when on the Gold Coast. “It’s a stunning 345sq m north-facing penthouse apartment with views over the Broadwater and the Surfer Paradise skyline.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:34Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:34 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy The Block has been such a success00:35 The penthouse will head under the hammer next month.Wine fridges, electric blinds controlled from a mobile device, a multi-room audio system, private lift, large balcony, 3D textile wall coverings and a chandelier are highlights of the apartment which is in the Allisee complex. The penthouse is set to head under the hammer on October 20.
44/30 Federation Street, Wynnum West, even has netting on the top to keep birds out of the cats way. 44/30 Federation Street, Wynnum West, also has other spaces for playtime.The three bedroom townhouse at 44/30 Federation Street, Wynnum West, has a “body corporate-approved external cat enclosure with lockable gates at either end, and lockable internal pet door”, was how it was marketed.Rental return was sitting at $390 to $420 a week and the property was five minutes from the waterfront.“Appealing to first home buyers, young families, downsizers, professionals and savvy investors seeking a rewarding portfolio addition, this property presents an outstanding opportunity for any buyer seeking to take advantage of the affordable market,” the listing said. MORE: The rudest places names on earth What! Akon is building a ‘real-life Wakanda’. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 LJ Hooker Rockhampton selling principal Brit Wheeler said a cat enclosure with two bedroom house on a 455sq m block went under contract just six days into the new year.The property at 3 Francis Street, Depot Hill, had been listed at $129,000 and was described as having plenty of potential but “needing some TLC”.There are several ways to deal with space for pets, with this property having a large veranda at the front, a rundown cubby house in the backyard, an enclosed space underneath the house, and a chook pen at the side. But the pièce de résistance is clearly the large cat enclosure. 3 Francis Street, Depot Hill, has its own cat enclosure. 3 Francis Street, Depot Hill, has tonnes of space under the house too.Ms Wheeler said as far as she knew, one of the previous owners used it to help rehabilitate cats as part of pet rescues.“It’s actually under contract at the moment. We had six contracts last week, and quite a few investors as well. Two were under $100,000, and of the other four the highest was $368,000. It’s the first week back after Christmas holidays and a good sign for the start of the year.”If you don’t want a sourpuss at home, another property in the capital is on the market for $359,000 and the owners have turned the entire side into cat heaven.More from newsParks and wildlife the new lust-haves post coronavirus10 hours agoNoosa’s best beachfront penthouse is about to hit the market10 hours ago Bushfires to trigger historic low interest rates Kittens waiting for their new home. Picture: SA Animal Welfare LeagueIf your feline friend is a catastrophe waiting to happen, these ho’meow’ners have the purrfect solution.Cat enclosures have been popping up in homes as far apart as Brisbane and Rockhampton, and furbaby mum and dads are loving them silly. FOLLOW SOPHIE FOSTER ON TWITTER