UPDATE 1-Annaly-backed REIT to be 1st IPO of September

NEW YORK, Sept 3 (Reuters) - A real estate investment trust that will be managed by a unit of Annaly Capital Management Inc NLY.N is set to be the first U.S. initial public offering of September, with a trading debut scheduled for the middle of the month.

Crexus Investment Corp CXS.N, which estimates it will raise $500 million with its IPO, will price the offering on Sept. 16 and begin trading on the New York Stock Exchange the following day, one of the deal's underwriters said on Thursday.

Crexus’s IPO in June, said in its most recent prospectus it expected its 33.3 million shares to price at $15 apiece.

Crexus will manage and finance commercial mortgage loans, commercial mortgage-backed securities, and other commercial real estate-related assets and be externally managed by a subsidiary of Annaly, a real estate investment trust.

The IPO will be led by Deutsche Bank Securities and Bank of America Merrill Lynch.

Crexus shares will trade under the symbol CXS. (Reporting by Phil Wahba; editing by John Wallace and Andre Grenon)