Newly formed company will develop technology around mobility-as-a-service.
- Investor creates new company to oversee parking improvements
- Intermodal connectivity platform to be developed
- Deal mirrors $483 million campus parking concession with the Ohio State University
QIC Global Infrastructure has entered into a 50-year agreement with Boston’s Northeastern University to manage and advance the institution’s campus-wide parking system.
The global investor, through a newly-created US-based company called MasParc and Mobility LLC (MasParc) will be responsible for managing the university’s parking permit system, commuter assistance, event parking management, and parking facility maintenance. The firm will also develop technology-enabled mobility solutions such as an intermodal connectivity platform for the university, as well as provide technology upgrades and integrate mobile technologies into its services.
Principal Aman Randhawa told Icons of Infrastructure MasParc’s initial focus will be to automate the parking payment and access systems. He also noted that the investor intends to deploy automatic license plate reading technology. Over the longer term, the company will deploy mobility services, which might include electric vehicle charging stations, pick-up and drop-off facilities for Uber and Lyft, and an intermodal connectivity platform.
Randhawa added that the Northeastern University deal bodes well for other, similar universities because the agreement was reached on a bilateral basis.
“Through this deal, we’ve demonstrated that this can be done by sitting across the table from each other, by engaging in a transparent and collaborative manner; and incorporating our respective priorities into the concession framework.”
He added that, through deals structured in this way, universities can retain flexibility for future campus development activities. At the same time, QIC has the flexibility to develop mobility services based on technology driven shifts in demand for parking over time.
QIC has made an upfront capital commitment to Northeastern University that will allow it to support its educational mission. Randhawa declined to comment on the commitment. The university did not immediately respond to questions regarding the deal.
Notably, QIC in 2012 made a similar investment in the Ohio State University’s parking system. The deal was valued at roughly $483 million.
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.