Steen & Strøm

Infobox Company
company_name = Steen & Strøm ASA
company_
company_type = Public
foundation = 1797
founder =
location = Oslo, Norway
key_people = Olav Line (CEO)
Peter Arne Ruzicka (Chairman)
area_served = Scandinavia
industry = Real estate
products = Shopping centres
services =
revenue = profit NOK 2,010 million (2006)
operating_income = NOK 1,762 million (2006)
net_income = NOK 1,084 million (2006)
num_employees = 252 (2007)
parent =
subsid =
homepage = [http://www.steenstrom.no www.steenstrom.no]
footnotes =
international = yes

Steen & Strøm is a Scandinavian real estate company that owns and operates 52 shopping centres in Norway, Sweden and Denmark. In 2006 the shopping centers had 3,300 lessees with total revenue of about NOK 40 billion.

History

The company was founded in 1797 when Samuel Strøm started a wine shop and general store in Oslo. Emil Steen became a partner in 1856, and the name Steen & Strøm was established. In 1874 the company built the first department store in Norway, but it was destroyed in a fire in 1929. By 1930 a brand new store had been rebuilt, with architectural inspiration from Paris. In 1991 Agora Drift AS took over the management of Steen & Strøm, as well as five other shopping centres and three hotels, and started expanding.

In July 1994 the company was listed on the Oslo Stock Exchange, but delisted again in September 2007 after Stein Erik Hagen had bought out the other owners, at the time Canica (49,9%), Storebrand (12.9%), Orkla (10.3%), Stein Erik Hagen (5.9%) and Varner-Gruppen (5.5%). In 2008 the company was sold for NOK 21.9 billion to Klépierre (56.1%) and ABP Pension Fund (43.9%). [cite web |url=http://e24.no/boers-og-finans/article2563972.ece#AF |title=Hagen har solgt Steen & Strøm |author=E24 Næringsliv |date=2008-07-28 |language=Norwegian]

References