LONDON, June 8 (Reuters) - Real estate developer China Central Properties Ltd said on Friday it had raised 151.2 million pounds ($301 million) in an initial public offering (IPO) on London's Alternative Investment Market.

The company placed 151.2 million shares with institutional investors at 1 pound each.

China Central plans to invest mainly in partially-completed property projects in major Chinese cities, where such projects become available as a result of their owners' financial constraints.

The company believes it could benefit from the late stage involvement in the projects, which typically results in shorter project cycles and lower cashflow requirements than for traditional greenfield developments.

"We will aim to continue to acquire partially completed properties in attractive locations with the intention of deploying substantially all of the proceeds raised within 18 months," it said in a statement.

Deutsche Bank is acting as global coordinator and financial adviser to China Central.