Then Establishes A Joint Venture With Avolon To Own Three A330
AerCap Holdings has signed an
agreement with Dublin-based aircraft leasing company Avolon for the
sale of six A320s, the company announced Tuesday. Four of the
aircraft were manufactured in 2010 and are part of the AerVenture
portfolio, a joint venture between AerCap and Abu Dhabi's
investment holding company Waha Capital. The other two aircraft are
owned by AerCap and were manufactured in 2008. All aircraft have
been sold with leases attached.
In addition to the A320 sale, AerCap has established a joint
venture with Avolon which owns three of AerCap's A330-200 aircraft
on long-term leases with Aeroflot. AerCap and Avolon will each
contribute 50% of the equity required for this joint venture.
AerCap will continue to manage the aircraft and the related
AerCap's CEO Klaus Heinemann said: "Investor demand for new
aircraft has significantly increased over the last few months,
especially when linked to long-term leases with prime airlines.
This market environment has provided attractive opportunities for
us to sell aircraft from our young, fuel-efficient portfolio and
from our order positions in order to achieve our diversification
objectives and further optimize our portfolio."
A330 File Image
Domhnal Slattery, CEO of Avolon, added: "Following our
successful $1.4 billion initial capital raise, we are pleased to
announce this important transaction with AerCap and to welcome five
new airline customers to Avolon. Our objective is to build Avolon
into a leading player in the global aircraft leasing sector by
deploying our capital effectively and in a manner which meets our
airline customer requirements and our expected rates of return. Our
primary focus will be on Airbus A320 and Boeing 737NG family
aircraft but, as today's announcement demonstrates, we retain the
capability to invest in long-haul aircraft which meet our risk and