Up to five buyers, including infrastructure funds, are prepping bids for Queensland Investment Corp’s (QIC) Northeastern University parking system concession (MasParc), sources familiar with the situation told Infralogic.

After Macquarie Capital began promoting the opportunity early in the second quarter and, having advanced over the summer, second round bids are due by 22 October, two of the sources said.

Bidders that have advanced to the second round include mid-cap infrastructure fund managers Ardian, Fengate and JLC, three of the sources said. The system’s operator LAZ Parking could be teaming up with a financial investor on one of the bids, two of the sources said.

Ardian has already closed a parking deal with QIC this year, acquiring on 10 June Ohio State University’s CampusParc in a transaction supported by Spanish banks BBVA and Santander, who contributed USD 100m in acquisition financing.

QIC’s MasParc university parking concession, located in Boston, Massachusetts, is comprised of approximately 3,000 spaces within four garages and 12 surface lots, according to the company’s website.

The Australia-based investor obtained the 50-year parking concession for its QIC Global Infrastructure Fund in December 2018.

The operation generates approximately USD 11m in EBITDA and the equity value of the concession is around USD 115m, three of the sources said. The concession has an outstanding USD 125m private placement, according to data compiled by Infralogic.

Ardian, Fengate, Macquarie Capital and QIC declined to comment. JLC and LAZ Parking did not respond to requests for comment.