NEW YORK, Jan. 28, 2019 /PRNewswire/ -- As urban transportation continues to change, QIC, a global diversified alternative investment firm, and Northeastern University have entered into a 50-year partnership providing for QIC's investment in the University's campus-wide parking system and potential future mobility services. Under the agreement, QIC Global Infrastructure has formed MasParc and Mobility LLC (MasParc), a new company that will oversee all aspects of the parking system at Northeastern, a large, urban university in the heart of Boston, Massachusetts, with enrolment of approximately 26,000 students.
This agreement is the first of its kind for a private university in the U.S. It is also the first agreement to provide for the future development of technology-enabled mobility solutions, as needed, such as an intermodal connectivity platform, in line with providing mobility-as-a-service based on commuters' travel needs. This will enable MasParc to cater to the campus's changing transportation needs over time.
Following an agreed upon transition period, MasParc will assume responsibility for management of the parking permit system, commuter assistance, event parking management, and parking facility maintenance, including major renovations. With a focus on customer service, MasParc's plans include investing in major technology upgrades and integrating mobile technologies into its services. These initiatives will be designed to enhance the customer experience while benefitting the environment and the broader University community.
Ross Israel, Head of QIC Global Infrastructure, said, "We are proud to be working closely with Northeastern University, leveraging our transport infrastructure experience to build the long-term value of this system and empower the customers who use it. By doing so, we will create enduring benefits for the University and its community, including through the potential implementation of enhanced mobility services. We believe the energizing nature of mobility-as-a-service will be a powerful platform for optimizing new and existing infrastructure and technological developments to improve the commuter experience."
Tom Nedell, Chief Financial Officer of Northeastern University, commented, "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."
Brian Delaney, Senior Managing Director, U.S. for QIC, said, "Forming MasParc in partnership with Northeastern University represents an important step in expanding our infrastructure platform in the U.S. As we continue to grow our U.S. portfolio, we remain focused on delivering sound investment opportunities in core U.S. sectors for our clients."
As a result of the agreement, Northeastern University has received an upfront capital commitment from QIC that will allow the University to support its education mission and priorities of globalization and innovation in higher education and research.
MasParc is QIC's second parking partnership in the U.S. In 2012, QIC formed CampusParc, which operates all aspects of The Ohio State University's parking system, through a 50-year agreement. Now in its seventh year, CampusParc continues to operate one of the largest university parking systems in the U.S.
About QIC Global Infrastructure:
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 clients1. Its sector centric investment strategy deconstructs risk across sector value chains identifying relative value for investment. This drives a targeted origination approach, enabling the firm to build diversified portfolios for its clients, while protecting their capital. Since 2006, this investment strategy has delivered strong total returns for its clients.
QIC is a leading long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$85.7 billion (US$60.3 billion) in funds under management1. QIC has over 1000 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, San Francisco, London and Copenhagen. For more information, visit: www.qic.com.
QIC Limited ACN 130 539 123 ("QIC") is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ("Corporations Act"). QIC does not hold an Australian financial services ("AFS") licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC Private Capital Pty Ltd ("QPC"), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority ("FCA"), the United States Securities and Exchange Commission ("SEC") and the Korean Financial Services Commission.
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1 As of December 31, 2018