L. Konstantinou: KEAN investment will fully respect its long history

Expansion, improvements and investments with full respect to the history of a company that has become a part of Cypriot consumers’ DNA, are among the plans of bbf:, which has acquired 100% of KEAN’s shares.

Speaking to InBusinessNews, the General Manager of bbf:, Lefteris Konstantinou, analyses his vision for KEAN’s new era, explaining that the company’s philosophy is to combine an historic property with a fresh investment that fully respects its surroundings.

He confirmed that there would be no changes to the company’s brand name, staff or executive team: “When something is successful and properly structured… you don’t change it, you reinforce it.”

What does bbf:'s acquisition of the full shareholding of KEAN signify? What are your goals, vision for KEAN’s new era and will there be any changes?

Our primary goal is to expand, improve and further strengthen KEAN, without changing anything about the company’s character. The brand name remains, the staff and executive team remain as they are, because when something is successful, properly structured and runs like clockwork you don’t change it, but instead reinforce it. There will only be improvements to correct any potential weaknesses. Our intention is to find a formula for the two companies to forge forward together, one (KEAN) with a successful presence and 74-year history, and the other having just launched a new brand (bbf:), with a vision and determination in its goal for the constant growth and expansion of its business activities.

Given your success in the high-end real estate sector, how did you reach the decision to branch out to the retail industry? How do you assess this industry?

Even though we are focused on the high-end real estate sector, we still remain open to profitable and promising investment opportunities. The KEAN factory is spread over 40 acres east of Limassol, in a landmark area with great value, where interesting prospects for investment are identified.

By keeping the unit’s historic character and respecting the surrounding space, we will look at the possibility of upgrading the entire expanse. The philosophy of bbf: is to combine a historic property with a new investment, which is what we applied at the Berengaria, which will keep its exterior unchanged but will be upgraded internally and reinforced with further residential development.

Of course, it is too early to announce anything specific about how a 40,000 sq.m. plot will be developed, but we will be in a position to say more soon. Essentially, however, the acquisition of KEAN by bbf: opens new horizons for an already successful journey.

Where is the deal at currently? What is left for it to be finalised?

As you know, KEAN has reached an agreement in principle with bbf: to sell its shares. The papers have been signed and the agreement is subject to due diligence, which will be completed the soonest possible.

It is worth reiterating that we are moving on to the next step of the deal, without any changes to the executive team or staff. KEAN is in all Cypriot homes and is a part of the consumers’ DNA. Our aim is to invest in something that is already established to make it better.

Should we expect other such moves/expansions in the future? If yes, in which sectors?

We cannot rule out anything, as bbf:’s philosophy is to not be one-dimensional. The real estate sector is at the core of the company, as we already have large projects moving at an accelerated pace in all Cyprus towns, but also in Greece. However, if an opportunity arises in another sector besides real estate, we will seriously consider the possibility of entering another market.