UPDATE 2-Dutch property firm Corio sets share placing

* Plans share placing with institutional investors

* Share sale worth $392 million at Wednesday's closing price

* Pension fund ABP to take part

* Wants to "take advantage" of deal opportunities

(Adds stock price, analyst comment, dilution details)

AMSTERDAM, June 4 (Reuters) - Dutch property group Corio NV (COR.AS) said on Thursday it would place nearly 8 million of its shares in a bid to build up cash for acquisitions and "take advantage" of opportunities in the market.

But Corio shares opened more than 1 percent lower, amid expectations the placing would be dilutive and come at a small discount.

Corio, which manages 6 billion euros in European and Turkish properties, is the second-largest listed property group in the Netherlands after Unibail-Rodamco (UNBP.PA).

At Wednesday's closing price of 34.83 euros, the offering would raise about 276.6 million euros ($392 million) for Corio, which plans to place the 7.94 million shares with institutional and other professional investors.

Analysts from Petercam Real Estate estimated in a note the discount would be 2 percent or less.

"We expect that the current economic situation will generate attractively valued opportunities in the near to medium term in Corio's home markets," Chief Executive Gerard Groener said in a statement.

"In line with its strategy to build a premium quality portfolio of sustainable shopping centres, Corio is preparing to take advantage of these opportunities."

The company said it would also use the proceeds to strengthen its balance sheet and for general corporate purposes.

Pension fund ABP, which already holds 36.5 percent of Corio, plans to take part in the placing, the company said.

The Petercam analysts said the capital hike would leave Corio with good flexibility financially and that it is "well set to come out of this war even stronger."

Corio shares were off 2.7 percent at 33.88 euros at 0721 GMT in Amsterdam, making them one of the leading decliners of the day.