Québec’s Caisse de dépôt et placement du Québec (CDPQ) is investing in Mexican toll roads through a joint venture.

The North American institutional investor said it is taking a 49% stake in a joint venture with local firm Empresas.

CDPQ said it will pay MXN3.013bn (€185m) for the interest.

The platform will invest in dedicated transportation projects in Mexico.

Four projects – the Acapulco Tunnel, the Mayab Tollroad, the Río Verde to Ciudad Valles Highway and the La Piedad Bypass – have been identified by the joint venture.

As reported last monthHermes Infrastructure secured 10% of rail company Eurostar on behalf of several pension funds including CDPQ. The UK government sold off its stake in the company for £585m (€807m), having owned 40% of Eurostar. CDPQ took on 30%.

Ivanhoé Cambridge, the real estate arm of Caisse, sold CAD8.6bn (€6.1bn) of assets in 2014. The subsidiary carried out a record level of transactions last year, investing CAD5.1bn in real estate. Real estate returned 9.9% in 2014 for La Caisse, while infrastructure returned 13.2%.