Bank of Queensland (BOQ) has successfully completed one component of its capital raising venture, raising $284 million from institutional investors.

The bank announced the sale of new shares on Monday to raise $450 million, as it revealed falling property values in Queensland would impact its loans and result in a $91 million first half loss.

Institutional shareholders had taken up $150 million of new BOQ shares in a share placement, and a further $134 million in shares through an entitlement offer, the bank said on Wednesday.

An offer of shares to retail shareholders is expected to raise a further $166 million.