Nordic retail specialist Steen & Ström has announced the purchase of two further properties on a site in Sweden where it plans to develop a new 62,000-m[sup]2[/sup] shopping centre. The acquisitions of a cinema and a Burger King in Kristianstad, will allow the Scandinavian shopping centre group to start the development of the Östra Centrum mixed-use project.
Nordic retail specialist Steen & Ström has announced the purchase of two further properties on a site in Sweden where it plans to develop a new 62,000-m2 shopping centre. The acquisitions of a cinema and a Burger King in Kristianstad, will allow the Scandinavian shopping centre group to start the development of the Östra Centrum mixed-use project.
The company plans to begin construction in autumn 2012. Meanwhile, Steen & Strom will be holding discussions on its development plans with the municipality.
'We are pleased to now have control of all properties affected by the project which facilitates the work and planning for Östra Centrum,' said Erik Lennhammar, development director at Steen & Ström.
Östra Centrum will comprise 62,000 m2 across 60 stores. Besides the shops, it will include some residential space and over 1,000 parking spaces. The investment is estimated at over SEK 1 bn (EUR 110 mln).
Steen & Strom is the Nordic arm of French shopping centre REIT Klépierre.
