10 February 2020
ARCADIA leases retail space to BARMER and Volksbank in “Otto Dix Passage” Gera
Following constructive negotiations, the Leipzig-based ARCADIA Investment Group was able to win the BARMER health insurance and Volksbank eG Gera Jena Rudolstadt as long-term tenants for the newly designed shopping arcade “Otto Dix Passage” in the inner city of Gera. By signing the lease agreements, BARMER and Volksbank confirm the attractiveness of the highly frequented location in Gera’s city centre. With a total rental area of approximately 270 square meters, the new tenants are expected to move into the inner-city shopping arcade in the second half of 2021.
With around 9.1 million insured persons, BARMER is one of the largest health insurance companies in Germany and has over 400 offices nationwide. The future office in Gera will be established on the second floor of the “Otto Dix Passage” and will have a ground-level, barrier-free, separate entrance. Volksbank eG Gera Jena Rudolstadt is one of the oldest cooperative banks in Germany and currently operates 18 branches for its private and corporate banking customers in the Gera, Jena and Rudolstadt area.
“The long-term leases of BARMER and Volksbank once again underline the high quality of Gera’s city centre”, comments Alexander Folz, Managing Partner of ARCADIA.
Negotiations are currently underway with other well-known tenants regarding the space still available in the “Otto Dix Passage”. An attractive and varied food court is to be built on the first floor, which is planned as a central catering and lounge area. On the second floor, a mix of fitness, catering area and office space is planned in order to offer a wide range of services and products to a large number of groups of all ages.
Conversion from “Elsterforum” to “Otto Dix Passage”
Already in April 2018, the ARCADIA Investment Group had acquired the inner-city shopping centre with a rental area of more than 14,000 square metres at Museumsplatz 2 in Gera as well as the adjacent multi-storey car park with approx. 375 parking spaces. The property developer announced plans for expansion, conversion and revitalisation of the buildings. The old shopping centre is to be reopened with attractive tenants and is to become the heart of the city centre. In this way, the new “Otto Dix Passage” will once again do full justice to the prime location between the market, Sorge and the development project “Gera’s Neue Mitte”.