Franke Owner Sets Up Swiss Village Near Timisoara

05.09.2011 ZF English

Michael Pieper, owner of Switzerland's Franke Artemis group, who also owns 10% in Carpatair, has 20 hectares of land near Timisoara, where he wants to develop a "Swiss village"-type of housing project.

"We're developing a real estate project in Timisoara, 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 EUR100,000," 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, as Franke is known in Romania as a producer of luxury kitchen equipment. Franke's Romanian kitchen equipment business amounts to EUR10 million, down 8% from 2009.