South of England construction and maintenance group Rok said this morning that its plans to move away from property development were progressing well with the bulk of its portfolio on course to be “liquidiated” by the end of 2008.
At today’s AGM, Rok, one of the South West of England’s most active developers in recent years, will tell shareholders that its development division is operating in difficult market conditions as “tenant demand remains slow and investment yields continue to soften”.
However, as announced at its 2007 final results, its exposure to property development, which now represents a minor part of the group’s activities, is being reduced with a view to moving out of the sector.
Rok said all proceeds would be used for “further acquisitions to underpin our core building and maintenance activities”.
