REFILE-UPDATE 1-London & Stamford raising $363 mln in share sale

(Refiles to add missing word 'discount' to third paragraph)

* Offers 215 million shares at 11.6 percent discount

* Says considering move to main LSE market, REIT conversion

(Adds detail)

LONDON, July 10 (Reuters) - Property investor London & Stamford Properties (LSP.L) is raising 226 million pounds ($363 million) via a share sale it hopes will provide a competitive edge over bargain-hunting rivals.

The AIM-listed company, set up to exploit heavy discounts in Britain's falling commercial property market, is looking to raise net proceeds of 220 million pounds by selling 215 million new shares at 105 pence each.

The offer price represents an 11.6 percent discount to Thursday's close. The placing and open offer has been fully underwritten by KBC Peel Hunt.

"This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford's acquisition capability, enabling us to continue to create value for our shareholders through the acquisition of high quality assets on attractive terms," chairman Raymond Mould said.