Ohio State University announced last week that it has selected seven possible partners for the school’s plan to become the first public university to privatize its parking system.
The university’s request for proposals, issued in late September, received 10 responses.
The school will spend the next few months interviewing the qualified bidders, who also have additional time and information to perform due diligence.
Officials said they will put out a final request for proposals in the first quarter of 2012 and expect to close the deal by May.
“We are pleased that we received such a large number of responses,” Geoff Chatas, senior vice president and chief financial officer, said in a statement.
The qualified bidders are Alinda & InterPark; Carlyle Infrastructure Partners & Standard Parking; Industry Funds Management & Parking Solutions; Macquarie Capital & Central Parking; the Ontario Teachers’ Pension Plan & Imperial Parking; Kohlberg Kravis Roberts & Ampco/ACS; and QIC Private Capital & LAZ Parking.
OSU hopes to raise at least $375 million in up-front cash by leasing its parking system for 50 years.
The system generates $30 million annually.
Morgan Stanley, Jones Day, and Desman Associates, a parking consulting firm, are advising the university on the deal.
As part of the transaction, OSU would defease $80 million of outstanding bonds backed by parking payments.