RPT-UPDATE 4-Qatar tops up war chest by selling VW pref shares

(Repeats story published late on Tuesday)

* Gas-rich state sells pref shares worth about 1.5 bln euros

* Shares placed at average 60 euros apiece - source

* Stake about a quarter of all VW preference stock

* Qatar plans to increase its voting stake to 17 pct

* VW pref shares end down 15.8 pct, ords down 8 pct

(Recasts with placement price)

By Christiaan Hetzner and John Irish

FRANKFURT/DUBAI, Nov 10 (Reuters) - Qatar has sold half its Volkswagen preference shares (VOWG_p.DE), cashing in on recent gains and raising around 1.5 billion euros ($2.4 billion) for possible future deals.

VW preference shares -- widely expected to join Germany's blue-chip DAX index .GDAXI once VW ordinary voting shares (VOWG.DE) drop out due to the low free float -- closed down nearly 16 percent at 60.22 euros.

That was just above the average placement price of 60 euros that Qatar achieved, a person close to the transaction said.

Qatar Holding (QH), the investment arm of the country's sovereign wealth fund, said it sold 25 million preference shares in Europe's biggest carmaker "to enhance the liquidity" of the stock, but said it remained committed to VW.

Qatar, the world's largest liquefied natural gas exporter has ramped up investments since the summer after a lull prompted by tumbling financial markets and falling oil revenue.

"Qatar is exhibiting exit strategies akin to a private equity fund that makes wise profits and knows when to cash in," said John Sfakianakis, chief economist at Banque Saudi Fransi-Credit Agricole. "It has shifted its investment interests as market dynamics change, and that is what they are doing now."

QH said it had agreed to a lock-up period for the rest of its non-voting VW preference shares until Dec. 31 this year.