Steen & Strøm

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Steen & Strøm ASA
Type Public
Industry Real estate
Founded 1797
Headquarters Oslo, Norway
Area served Scandinavia
Key people Olav Line (CEO)
Peter Arne Ruzicka (Chairman)
Products Shopping centres
Revenue Increase NOK 2,010 million (2006)
Operating income NOK 1,762 million (2006)
Net income NOK 1,084 million (2006)
Employees 252 (2007)
Website www.steenstrom.no

Steen & Strøm is a Scandinavian retail and 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[edit]

The company was founded in 1797 when Samuel Strøm started a wine shop and general store in Oslo. When he died in 1818, the store was taken over by his widow Else Strøm, then their common son Christian Strøm in 1829. In 1856 Strøm, shortly before his death, passed it on to his nephew and adoptive son Samuel Strøm, Jr. and the husband of his adoptive daughter Emil Steen. The name Steen & Strøm was then established. Samuel Strøm, Jr. died in 1876, and Emil Steen brought the widow Augusta Strøm on board as partner. In 1884 the next generation took over, with Christian Steen, Johan Steen and Christian Strøm, Jr. as partners. The next generation after that entered the company with Erling Steen and Eyvind Strøm in 1914; and Nils Steen in 1919. The three took over the company in the 1930s.[1][2] Another family member Emil Steen was just a board member, but his son Christian Steen became chief executive in 1964.[3][4]

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%).[5]

References[edit]

  1. ^ "Steen & Strøm har idag bestaaet i 125 aar". Aftenposten Aften. 13 July 1922. p. 1. 
  2. ^ "150 år på samme tomt". Aftenposten. 8 October 1947. p. 5. 
  3. ^ "Dødsfall". Aftenposten. 31 October 1950. p. 5. 
  4. ^ Steenstrup, Bjørn, ed. (1973). "Steen, Christian". Hvem er hvem? (in Norwegian). Oslo: Aschehoug. p. 526. Retrieved 23 December 2011. 
  5. ^ E24 Næringsliv (2008-07-28). "Hagen har solgt Steen & Strøm" (in Norwegian).