Steen & Strom to invest $370 mln in shopping centers

Norwegian firm Steen & Strom in co-operation with TK Development and Carrefour will spend $370 million to develop shopping malls in Poland. They are planned to be built in Bytom, Sosnowiec, Chorzów, Kraków, Gdansk and Czestochowa. Up to now the company has finished two large investments - Shopping Center Targówek and Shopping Center Reduta. The next one in Bytom is supposed to be finished by the end of November and in Sosnowiec by the second half of 2001. Steen & Strom plan to also further develop already existing centers in Warsaw. The firm plans to build a multi-screen cinema and expand shopping malls. Steen & Strom created a joint venture with TK Development Poland where both firms have equal voting rights. The Norwegian company is responsible for the concept, project, hiring and management of centers. Dutch TK Development's share is structural plans and leading the construction of centers. (Puls Biznesu, page 4) M.M.