Queensland Investment Corporation (QIC) has announced that it has entered into a 50-year partnership with Northeastern University, located in Boston, Massachusetts, north-east USA, 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, a new company that will oversee all aspects of the parking system at Northeastern, which has 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.

As a result of the agreement, Northeastern University has received an upfront capital commitment from QIC.