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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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