Forget funds management. How’s this for a contract? QIC has just signed its second 50-year deal with a US university to provide a campus parking system and facilities. The increasingly global manager is ramping up its infrastructure investment portfolio.
QIC has set up a new company for the arrangement, MasParc, and committed an unspecified amount of seed funding. The up-front payment will allow the university, Northeastern University, to support its education mission and its priorities in higher education, globally, and in research, QIC says.
The Boston-based Northeastern is a private university with about 26,000 students. QIC has previously done a similar 50-year campus parking deal with the Government-owned Ohio State university for its parking system. American universities have efficient and complex parking arrangements for students and staff, apparently.
According to Brian Delaney, the former head of global relationships for QIC in Sydney, and now California-based senior managing director for the US, the new deal is an important step in expanding QIC’s infrastructure platform. Until now, the firm has primarily concentrated on US property, especially in retail.
QIC is a long-term infrastructure investor with an established global platform, an active management approach and a proven, 12-year track record. With a global team of 41, including in New York, QIC Global Infrastructure manages US$7.78 billion (A$11.06 billion) across 13 global direct investments and has realized a further US$5.32 billion (A$7.2 billion) of investments for its clients
Tom Nedell, CIO of Northeastern, said: “With its collaborative approach and expertise in managing infrastructure at institutions of higher learning, QIC is the ideal partner to lead the management of our parking and mobility services system. This partnership ensures an effective, flexible transportation system that addresses the needs of our campus and is highly responsive to our commuters while directing meaningful resources to our core education mission.”