Franke owner sets up Swiss village near Timișoara

Michael Pieper, owner of Switzerland’s Franke Artemis group, with 2bn-euro turnover, who also owns 10% in Carpatair, has 20 hectares of land near Timișoara, where he wants to develop a “Swiss village”-type of housing project.

“We’re developing a real estate project in Timișoara, a Swiss village, with the housing units to be sold to Romanians. In principle, the price of land and of a house will stand at 100,000 euros,” stated Michael Pieper during an event organized by Franke Group in Zurich on the occasion of the company’s celebrating 100 years of existence.

Franke’s real estate investments are less known, in the context where in Romania Franke is known as a producer of luxury kitchen equipment. Franke’s Romanian kitchen equipment business amounts to 10m euros, down 8% from 2009.