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Pimco to Raise $600 Million for REIT to Buy Mortgage Debt

Pacific Investment Management Co., manager of the world’s largest mutual fund, plans to raise $600 million in an initial public offering for a real estate investment trust.

Pimco REIT Inc. will buy commercial and residential mortgage-backed securities, real estate-related assets and other financial assets, the Newport Beach, California-based company said today in a regulatory filing. The real estate investment trust, or REIT, will seek to list on the New York Stock Exchange under the ticker PIMR, according to the filing.

“We believe that the U.S. mortgage finance system is undergoing historic change,” Pimco wrote in today’s filing. “Significant increases in regulation and public policy are influencing which investors will have the financial ability to hold real estate-related assets. We believe that private non-bank capital will represent an increasing share of these assets in the years to come.”

The REIT’s investments will be led by Dan Ivascyn and Scott Simon, senior portfolio managers at Pimco. Ivascyn and Simon are responsible for managing Pimco’s residential and commercial mortgage portfolio team, the firm said.

Pimco, best known for its fixed-income mutual funds run by Bill Gross, has raised at least $6.5 billion since the global financial crisis began in 2007 for private funds to buy troubled mortgages and bonds backed by real estate loans. The firm has raised more than $1.5 billion for a fund called Pimco Bravo, and expects to raise $2 billion to $3 billion in total before a final close this year, according to an investor.

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