June 14, 2018 / 11:52 AM / a year ago

UPDATE 1-Benko offers 450 mln eur for Austrian Steinhoff unit - Die Presse

(Adds background, Oe24)

VIENNA, June 14 (Reuters) - Austrian property developer Rene Benko has offered 450 million euros ($532 million) for Austrian Steinhoff unit Kika/Leiner, daily Die Presse reported on Thursday.

The offer expired at 1130 GMT, the paper said, citing sources familiar with the issue. Daily Oe24 said earlier that Benko was offering around 500 million euros.

Benko, who according to his website owns a 12 billion euro real estate portfolio and generates annual revenue of 4 billion euros with retail businesses via his Signa Holding, was not immediately available for comment

Kika/Leiner, which has annual sales of around one billion euros, was also not available for comment.

Steinhoff revealed holes in its accounts six months ago, shocking investors who had backed its reinvention, sending its shares crashing and leaving it scrambling to pay its debts.

On Tuesday, its creditors agreed to give it more time to restructure 9 billion euros ($11 billion) in debt. Holders of 2.7 billion euros in three convertible bonds backed a debt standstill agreement, the company said.

The South African retailer is listed in Johannesburg and Frankfurt but its parent is incorporated in the Netherlands.

$1 = 0.8457 euros Reporting by Kirsti Knolle Editing by Maria Sheahan and Elaine Hardcastle

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