Image source: MasParcQIC has successfully completed the divestment of MasParc, the company responsible for all aspects of the parking system at Northeastern University under a 50-year concession agreement. QIC entered the partnership with Northeastern in 2018, through its QIC Global Infrastructure Fund (QGIF), following bilateral discussions between the parties. This innovative concession agreement was the first of its kind for a private university in the US.
Paul DeSouza, Partner and QGIF Portfolio Manager, QIC Infrastructure, said, “MasParc provides an essential service to the Northeastern University community, and we are proud of the company’s performance and our strong partnership with the University.”
“MasParc builds on QIC Infrastructure’s sector-centric, active investment approach and track record. We established a new company from the ground up, put in place a strong management team, and implemented robust governance and concession frameworks to foster growth through targeted initiatives under an innovative long-term agreement,” he said.
“Our active asset management framework created a strong, resilient company. This enabled us to deliver attractive, above acquisition case returns to our investors. It also reinforces our view, that the mid market represents an attractive opportunity set to deliver robust risk-adjusted returns through our investment strategy.”
QIC Infrastructure’s divestment of MasParc follows its highly successful sale, completed in June 2024, of CampusParc, the concessionaire established by QIC in 2012 to operate and manage the parking system at The Ohio State University. This was the largest US university car parking concession and the first of its kind for a land grant university in the US.
Ross Israel, Head of QIC Infrastructure said, “Both these positive outcomes reinforce QIC Infrastructure’s strong exit track record which includes four exits in North America. This has delivered liquidity and returns in line with our investor endorsed strategies amid a challenging market backdrop.”
North America remains an important market for QIC, representing approximately 14% of QIC Infrastructure’s portfolio with exposure across approximately 30 states. These US assets, managed by our dedicated QIC Infrastructure team based in New York, are valued at more than US$3.4 billion. This also includes more than US$500 million invested since 2023.1
QIC Infrastructure’s US portfolio continues to include Generate, CenTrio, and Renewa, all leaders2 in providing sustainable energy solutions and advancing the energy transition. The three companies have strong growth profiles, and QIC continues to work for its investors, on an attractive future investment pipeline in the US.
QIC was advised by Macquarie Capital (Financial) and Mayer Brown (Legal) on the transaction.
Citations
- As of 31 December 2024
- Based on number of projects or location of assets
Further information
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