ARCADIA extends lease agreement – Rossmann expands sales area to approx. 870 m² for newly designed “Otto Dix Passage” in Gera and opens at the end of 2020
After constructive negotiations, the ARCADIA Investment Group was again able to win the long-standing tenant Drogeriemarkt Rossmann as a tenant for the newly designed shopping arcade “Otto Dix Passage” in inner city of Gera. Rossmann is temporarily leaving the location for the upcoming renovation phase but remains loyal to its customers. The former Elsterforum will be completely empty – as planned by July 31st, 2019 and will close its doors in order to reopen as the newly designed “Otto Dix Passage” at the end of 2020.
After the complete conversion of the building, Rossmann will move back into the shopping arcade with an enlarged sales area of around 870 m². The 10-year term plus options of the lease agreement confirms the attractiveness of the highly frequented retail location in the city centre of Gera.
Negotiations are currently underway with other well-known tenants on the remaining space in the “Otto Dix Passage” in order to establish an exciting and coordinated tenant mix. On the first floor, an attractive and varied food court is to be created, 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 broad range of services and products to a large number of interested groups of all ages.
Alexander Folz, managing partner of ARCADIA, is pleased about the return of the crowd-puller Rossmann, who has decided to conclude a new long-term lease agreement for an enlarged sales area due to its knowledge of the location and its expectations for the future.
Already in April 2018, an associated company of the ARCADIA Investment Group had acquired the inner-city shopping centre with a rental area of more than 14,000 m² at Museumsplatz 2 in Gera as well as the adjacent multi-storey car park with approx. 375 parking spaces and announced plans for the expansion, conversion and revitalisation. The old shopping centre is to be reopened with attractive tenants and will 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 Markt, Sorge and the Gera-Arkaden.
ARCADIA Investment Group
The ARCADIA Investment Group specialises in the development of retail properties, residential properties as well as car parks and underground car parks throughout Germany. In addition to activities relating to the company’s own portfolio, it has also implemented a host of projects in the framework of joint ventures – amongst others in close cooperation with several national and international investors. The company’s core business also includes the optimisation, maintenance and expansion of the property portfolio of family businesses with the utmost care and confidentiality. ARCADIA Investment GmbH, the holding company of the Group, currently employs 37 people and is currently developing areas with more than 300,000 square metres of space nationwide. The associated project volume currently amounts to approximately 300 million euros.
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