TopPicks from Paul Gardner, partner and portfolio manager, Avenue Investment Management
Paul Gardner, partner and portfolio manager at Avenue Investment Management, discusses his top picks: StorageVault Canada, Canadian Apartment REIT, and Nexus Industrial REIT.It has unique asset classes in real estate and storage facilities, which are not impacted by the cyclical economy. Actually, it does the same or better in a recession due to people that either can’t sell their stuff or need to store their goods until sold. The self-storage business has proven to be a long-term outperformer.
The fundamentals are in good shape with apartment rents or replacement rents going much higher , we feel that this is the beginning of multi-year double-digit annual returns. The REIT trades at a discount to NAV and its overall balance sheet is in good shape. As well the REIT yields a nice 3.5 per cent.The other asset that continues to do well through the pandemic is industrial real estate. Nexus is a small cap that is growing and acquiring Canadian industrial properties.
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