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Friends Life, Pramerica Plan on Investing $746M

LONDON-Mandate marks new agreement with Pramerica Investment Management to invest in Commercial Real Estate (CRE) loans.

By David Phillips | Updated on July 08, 2013

LONDON-Friends Life, a UK-based insurance and pensions provider, says a new $746 million (£500m) investment plan has been awarded to the commercial mortgage business of Pramerica Investment Management Ltd., the asset management business of Prudential Financial Inc., headquartered in the US.

The mandate relates to the investment in commercial real estate (CRE) loans in Friends Life’s annuity funds. The CRE assets will be UK-based, senior secured, fixed rate loans with maturities of between five and 15 years, with loans being originated by Pramerica’s London-based mortgage business, Pricoa Mortgage Capital Company.

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