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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.