Abacus Property Group has embarked on a $211.4m capital raising and flagged an $83m hit to its interim earnings next month due to property value write-downs and hedging adjustments.

The $24.4 million private placement and $187m rights issue is at a 5c premium to the company's closing security price yesterday of 20.5c.

Abacus, the owner of about $900m worth of diversified properties, is the latest of a number of property companies to embark on capital raisings with sharply declining share prices.

The Australian