Nesi Chetty from Momentum chose Stor-Age Property as his stock pick of the day. The real estate investment trust (Reit) is in the specialised self-storage market and has about 36 properties in SA. The company has also bought a business in the UK. “You can see this tough environment now that the company has actually been quite defensive and the like-for-like growth from the portfolio is at 10%. They have a very skilled management team and their occupancy is also quite high, with around 84% in SA and around 75% in the UK, and they are giving a dividend yield of about 8.5%,” he said.
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