Mirae Asset Global Investments, a South Korea’s asset management firm, is looking for investors for a new fund aimed to infrastructure investments in Spain. 

According to company sources, Mirae Asset Global Investments plans to create an infrastructure fund targeting €100 million (US$111.2 million) to invest in public-private partnership (PPP) projects to develop roads and hospitals across Spain.

According to sources, the company has already studied investment options as a new metro line in Barcelona, a hospital in Madrid, and a provincial government office building in Seville. The first batch of funds worth US$51 million will go to these projects.

Mirae is targeting annual returns of 7 percent to 8 percent with the fund.

Mirae Asset Global Investments wants Scotland-based Aberdeen Asset Management PLC, one of the largest asset management firm in Europe, to manage the fund. 

According to Mirae Asset Global Investments, the country is now a good place to invest because the Spanish economy has made fast improvement after the financial crisis and its sovereign credit rating has recovered to investment-grade.