MADRID (Reuters) – Spanish construction giant Ferrovial has agreed to transfer some 100 million euros worth of assets in Spain, Scotland, Ireland and Canada to a new joint venture with Interogo Holding, an investment fund of IKEA’s owners.

Umbrella Roads BV, the new company formed by Ferrovial and Interogo, will manage Ferrovial’s stakes in a number of road and parking concessions, including the M3 Eurolink and M4 Eurolink motorways in Ireland and Serrano Park in Madrid.

“The partnership between Ferrovial and Interogo could allow for further collaboration between the parties in future,” according to a statement published by Ferrovial on its website late on Wednesday.

Ferrovial, which has a market capitalisation of 29 billion euros, builds and manages motorway and airport concessions, mainly in the United States and Canada.

Although Ferrovial valued the transaction at 100 million euros, it said it did not represent a material capital gain. The company will transfer economic rights but will hold the majority of voting rights in Umbrella Roads BV through its toll road division Cintra.

Interogo is an investment company based in Switzerland and owned by the ultimate owners of Inter IKEA Group, the group of companies that connects franchisees of the privately owned Swedish furniture company.

(Reporting by Corina Pons, editing by Inti Landauro, Kirsten Donovan)