The asset and property management business unit is responsible for all commercial and day-to-day operations of the shopping centres, including letting, marketing, budgeting and maintenance. In addition, the asset and property management division is also responsible for supervising the development of new centres, both internally and externally. The asset and property management operations comprise the management of the Company’s own centres as well as the management of centres not owned by Steen & Strøm, mainly for Storebrand and Danica.
The business unit charges a management fee to individual centres owned by the Company or by a third party.
Steen & Strøm first entered into the management of third party centres in 1996, when 11 centres then owned by the Company were sold to Storebrand. In connection with the sale, a 15-year asset and property management agreement with Storebrand was entered into.
In addition, a pool agreement between Steen & Strøm and Storebrand was entered into. The net incomes from the shopping centres in the pool are distributed on the individual proprietors of shopping centres proportional to
the number of points which the relevant proprietor has earned. The agreement expires on 31 December 2010.
In 1999, Steen & Strøm established an asset and property management contract with Danica for 14 centres in Denmark. The contract does not include any pool agreement.
Per April 2008,
Steen & Strøm in Norway manages:
- 15 own centres
- 11 Storebrand centres
- 1 centre (Metro) owned by Steen & Strøm (50.0%) and Storebrand (50.0%)
- 1 centre (Åsane Storsenter) owned by Steen &
- Strøm (49.9%) and Nordea Liv (50.1%)
- 1 centre (Økernsenteret) owned by Steen & Strøm (37.5%), Storebrand, SkipsTudor and Kristiania Eiendomsforvaltning
- 1 centre owned by Treschow-Fritzøe
In Sweden, Steen & Strøm manages:
- 9 own centres
In Denmark, Steen & Strøm manages:
- 3 own centres (two currently in operation and one to open April 2008)
- 14 Danica centres
Steen & Strøm is managing development projects for internal, as well as external centres, mainly for Storebrand and Danica. The fees for those services are agreed individually for each project, but are based on a standard contract. The services that Steen & Strøm provide include all work from the idea to the completion of the centre, including developing of the concept, letting and project management.