(Bloomberg) -- Australian investment firm QIC is exploring the sale of CampusParc, which owns a long-term concession for the parking operations at the Ohio State University, according to people with knowledge of the matter.

The firm is working with an adviser to solicit interest in the Columbus, Ohio-based entity, which could be valued at more than $850 million, including debt, said some of the people, who asked not to be identified discussing confidential information. 

Profit growth is driven by annual rate increases of at least 4%, one of the people said. 

QIC in 2012 paid Ohio State University $483 million for a 50-year lease attached to campus parking. CampusParc, the entity that holds the lease, last year named Propark Mobility as its parking service manager. 

The campus features almost 37,000 parking stalls and 16 garages, Propark said at the time. In addition to faculty and students, parking is utilized by staff, patients and visitors to the Ohio State University Wexner Medical Center on campus. 

A QIC representative declined to comment. 

Other US colleges have leased parking concessions to institutional investors in an effort to bolster their endowments or overall finances. In 2019, Boston-based Northeastern University struck a 50-year partnership with QIC, and in 2018, Eastern Michigan University closed on a 35-year deal with Preston Hollow Capital.

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