South Korea’s National Pension Service (NPS) joined Dutch pension manager APG Asset Management and Swiss Life Asset Managers for multi-billion dollar acquisition of a combined 81.1 percent stake in Portugal’s leading toll roads operator Brisa – Auto-Estradas de Portugal (Brisa).

The consortium in the biggest-ever Portuguese buyout amidst an ongoing virus pandemic will assume 40.55 percent from London-based Arcus European Infrastructure Fund 1 (Arcus) and another 40.55 percent from Portuguese conglomerate Jose de Mello Group (JdM), according to industry sources on Wednesday. Arcus has unloaded its entire interest in the toll roads operator while JdM kept 17 percent stake to stay on as a strategic partner.

The equity of Brisa is valued at more than 3 billion euros ($3.2 billion), according to a statement issued by Swiss Life Asset Manager.

NPS did not specify its stake in the consortium.

The acquisition deal is subject to regulatory approval and is expected to close at the end of the third quarter. Founded in 1972, Brisa is a leading European toll road concessionaire with a total road network of 1,628 kilometers in Portugal.

“We believe that Brisa is a prime infrastructure asset and its core, yield-generative characteristics are representative of our transport sector investment philosophy,” Jee Kim, infrastructure investment division head at National Pension Service, stated in a press release. NPS, Korea’s largest institutional investor with 737.5 trillion won ($600.7 billion) in assets under management as of the end of February has been actively seeking alternative investment opportunities abroad in partnership with global investors.

In the U.S., the pension fund manager recently has made a joint investment of $492.2 million to buy a 49.5 percent interest in One Madison Avenue, a high-end residential housing redevelopment project, with American developer Hines Interest.

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