Skanska UK has said will not build any more homes under its Homes by Skanska brand 'for the forseeable future'. According to the AJ's sister publication Construction News, the company has pulled out of residential development in the UK, saying it can make better returns in infrastructure, commercial development and general construction. The multinational outfit, which had been working on its 'new homes drive'with Formation Architects, Proctor and Matthews, PRP Architects, CF Moller, White Design and Feilden Clegg Bradley Studios (AJ 23.11.11), said it would continue to build residential and mixed-use units, but only as contractor on sites owned by others. Skanska UK executive vice-president Roger Bayliss said: 'Residential ties up quite a lot of cash and we can get better returns in other business streams. We don't want to buy parcels of land and build them out ourselves.' The firm will finish its only on-site housebuilding job - the Seven Acres development of 70 houses and 58 flats in Cambridge - over the next year.
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