(Corrects stock percentage drop in last bullet point)
* 1.66 million new shares placed at 45.50 euros/shr
* Proceeds to improve portfolio in Turkey, Belgium
* Sees 2009 direct result per share at about 4.00 euros
* Shares drop 7.76 percent, underperforming main index
(Recasts with location of planned acquisitions)
By Harro ten Wolde and Andrew Macdonald
AMSTERDAM/LONDON, Sept 11 (Reuters) - Dutch property firm VastNed Retail said on Friday it had raised 75.6 million euros ($110.4 million) from a placement of new shares, to buy 50 million euros worth of retail shops in Turkey and Belgium.
The 1.66 million new shares, representing up to 9.9 percent of VastNed's equity, were offered through an accelerated bookbuilding. The money would also be used to strengthen VastNed Retail's financial position, VastNed said.
VastNed's general counsel, Arnaud du Pont, said 50 million euros of the money would be spent over the next six months on buying and developing shops in central Istanbul and Belgian retail parks.
A further 50 million euros, including 25 million euros of debt, would be put towards the firm's 55 million euro development pipeline for the next six to nine months, du Pont told Reuters.
When asked how much of the 75.6 million euros would be used to bolster the balance sheet, he said: "I can't say that exactly because it depends on the development of the acquisitions. It's hard to say right now."
The company's loan-to-value would fall marginally below its current 42 percent, against a covenant limit of 55 percent.
VastNed shares were down 7.76 percent at 45.20 euros by 1526 GMT, underperforming a 0.68 percent gain in the Amsterdam midcap index.
Petercam analyst Pieter van der Meijden said the discount VastNed had to offer was less than he expected.
"We had anticipated that they at least had to offer a 10 percent discount, while they ended up offering between 7 to 8 percent," he said.
As a result of the dilution caused by the offering, VastNed said it now expects a direct investment result, or rental income minus costs, in 2009 of about 4.00 euros per share, from its previous guidance of at least 4.00 euros.
ING Bank was sole bookrunner for the offering. ($1=.6847 Euro) (Reporting by Harro ten Wolde and Andrew Macdonald; Editing by Hans Peters, Simon Jessop and Karen Foster)