PINCO's Daniel Hyman

PINCO's Daniel Hyman

Newport Beach’s Pacific Investment Management Co. wants to raise up to $1.15 billion for its first ever real estate investment trust, or REIT.

The PIMCO Mortgage Income Trust Inc. intends to acquire, manage and finance real estate investments—mostly paper instead of actual properties.

An earlier registration statement filed last month didn’t specify terms of the proposed initial public offering.

The REIT now says it will sell 50 million shares at $20 apiece with a New York Stock Exchange listing under the ticker “PMTG,” according to a prospectus dated today.

Underwriters also have the option to purchase an additional 7.5 million shares. A first day of trading wasn’t set in this prospectus.

The prospectus said PIMCO, one of the world’s largest money managers with $1.8 trillion in assets, sees an opening in mortgages because banks have reduced such lending in the past decade.

Daniel H. Hyman, who is a managing director and co-head of the Agency Mortgage Portfolio Management team at PIMCO, will become chief investment officer at the REIT.