According to Bloomberg, Austrian property owner Rene Benko (Signa) is seeking half a billion euros by selling shares, and a further 300 million euros in a bond offering as his purchase of Germany's Kaufhof department store chain nears completion.

Benko is apparently meeting investors in London, Paris and Frankfurt after he secured regulatory approval for the acquisition of the 50% stake in Kaufhof he didn't already own. The purchase is expected to close by the end of September.

Once the transaction is completed, total assets of his Signa Prime Selection AG will have grown tenfold in seven years, to 15.1 billion euros. The expansion has been funded by a series of private investors that included a Greek shipowner, a private bank from the Gulf, celebrity businessmen, wealthy European families and German insurers. Benko agreed to buy the Kaufhof stake from Hudson's Bay in June after acquiring the first 50% last year. The new funds are earmarked for "future asset acquisitions" and "to support Signa Prime's growth".