WATCH: Stock pick — Growthpoint

Nesi Chetty from Momentum chose Growthpoint as his stock pick of the day.

It is one of the largest property companies, with a portfolio that is worth about R80bn. It is a diversified fund and has retail assets in the Cape Town Waterfront that were doing “quite well”, said Chetty.

“A lot of the work in Growthpoint over the past couple of years has been to diversify their earnings base and they wanted to get to around 30%-40% earnings offshore. This was done by building a sizable property portfolio in Romania and, off course, Growthpoint Australia, of which they have a 65% share.”