Rok Property Solutions is to buy Southampton-based commercial developer City Estates for £785,000 in shares, cash and loan notes.
The news follows the unveiling of Rok’s end of year results, which included an operating profit of £4.4m for the year ending 31 December 2001.
The figure is up substantially from last year, when the company made just £64,000. Turnover was also up by 36% to from £92m to £125m.
City Estates reported turnover of £11.9m, generating a profit before taxation of £335,877, for the year ended 31 December 2001. Its net assets at completion are expected to be more than £80,000.
Rok was created in April 2001, when EBC Group bought Rockeagle, a fellow South West based developer, and changed its name to Rok.City Estates will be integrated into Rockeagle.
Garvis Snook, chief executive of Rok, said that the company would make further acquisitions to support its development activities.
EGi News 11/03/02
