Nordic Business Report-June 30, 2006-Steen & Strom ASA participates in developing the Okern area in Oslo
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian shopping centres operator Steen & Strom ASA said on Friday (30 June) that it will participate as the largest shareholder in a new property development company for the Okern area in Oslo, Norway.
Steen & Strom said that it will take a 37.5% ownership position in the new company, which has already acquired properties for NOK242m in the Okern area. The new company has now agreed to acquire the Okernsenteret shopping centre for NOK432.5m.
The other participants in the new company include Storebrand Livsforsikring, Kristiania Eiendomsforvaltning AS and Skip AS Tudor.
One Norwegian krone (NOK) is worth approximately 0.09 British pounds (GBP).
((Comments on this story may be sent to [email protected]))
