Mirova’s €700m core infrastructure fund has acquired stakes in two highway concessions in Portugal.

The Natixis Asset Management subsidiary said it bought a 23.8% and 35.2% share respectively in ViaExpresso and ViaLitoral from several industrial sellers.

The ViaExpresso motorway, which has been in service since 2005, comprises several expressway sections, with a combined length of around 69km.

The ViaLitoral motorway is over 36km in length and has been operational since 2001.

Mirova said this is the first deal that has been closed in Portugal by Mirova Core Infrastructure, a unit of the Mirova Core Infrastructure Fund (MCIF). 

The fund has previously made deals in Spain, Italy and France.

Gwenola Chambon, the head of general infrastructure funds at Mirova, said: “This transaction demonstrates Mirova’s ability to quickly deploy capital across Continental Europe and is consistent with our ambition to deliver long-term investment opportunities to our clients, while supporting the sustainability of local economic and community development. 

“We look forward to working with our consortium partners, including AFA, Tecnovia, Somague, BPI and Região Autónoma da Madeira, to facilitate the continued delivery of high-quality service.”

Vincent Cassagne and Christelle Destors-Lepoutre, investment directors at Mirova, said: “This transaction represents an important step forward in our pursuit of high quality assets across Europe and fits perfectly with MCIF’s diversification strategy.”

To date, the Mirova Core Infrastructure Fund is fully committed and has invested predominantly in European private public partnerships and infrastructure concessions, spanning from transportation to broadband networks, and a wide range of social infrastructure projects.