REFILE-Capital & Regional shares halve on capital raising

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* Plans 69.2 million pound capital raising

* Reports first-half loss of 135 million pounds

* Capital & Regional shares drop 50 percent

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LONDON, Aug 20 (Reuters) - Shares in Capital & Regional (CAL.L) halved on Thursday after the British property investment company unveiled a capital raising and a 135 million pound ($222 million) first-half loss.

Capital & Regional, which invests in leisure centres and shopping malls in Britain, plans to raise 69.2 million pounds in a heavily discounted share placing.

Shares were offered to investors at 24 pence, a 75.5 percent discount to the closing price on Wednesday.

As part of the placing, South Africa's Parkdev has agreed to invest 23.2 million pounds, taking a 25 percent stake.

The value of Capital & Regional's property under management has fallen sharply over the past year, to 3.2 billion pounds in June from 5.3 billion pounds a year earlier, it said.

Over the same period, the company's net assets have also dropped, from 493 million pounds to 51 million pounds. (Reporting by Tom Freke; Editing by Dan Lalor) ($1 = 0.6073 pound)