16 Dec 2019
Irish Aircraft Leasing Newsletter 16 December
Abu Dhabi Catalyst Partners invests $100m in Sirius Aviation Capital
The strategic partnership between Abu Dhabi Catalyst Partners and Sirius Aviation Capital will create a new company that will focus on the leasing of mid-life (eight to 12 years old), single-aisle aircraft. Sirius Aircraft Investments will be based in ADGM to leverage its proximity to the rapidly-growing aviation market in the GCC, Africa, and Central and South East Asia. “The world’s aircraft fleet is expected to more than double over 20 years from 22,680 in 2019 to 47,680 aircraft by 2038, so we see this as an excellent time to capitalise on the growing aviation market,” said Mr Hurley. “This opportunity allows us to invest alongside Sirius Aviation Capital’s experienced team, while also diversifying ADGM’s focus across different sectors.” Howard Millar, chief executive of Sirius Aviation Capital, said the aim is to grow the new company into a “leading midlife aircraft leaser” through the partnership, “supported by the first-class business infrastructure in Abu Dhabi”.
Apollo and Athene Close the Acquisition of GE Capital’s PK AirFinance Debt Business
Apollo Global Management, Inc. Athene Holding Ltd and GE Capital announced they have closed their previously announced transaction for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GECAS, GE Capital’s Aviation Services unit. In connection with this transaction, Apollo has acquired the PK AirFinance aircraft lending platform and Athene has acquired PK AirFinance’s existing portfolio of loans. Financial details of the transaction are not being disclosed, although today’s close represents receipt by GE of more than 90% of agreed proceeds. The transfer of the remaining portion of the business is deferred pending certain regulatory and other conditions and is expected to be completed in the first half of 2020.
Genesis continues to expand with the acquisition 28 aircraft from Airspeed Limited
Genesis Aircraft Services announced the expansion of its aircraft portfolio with the acquisition of twenty-eight (28) Boeing and Airbus aircraft from Airspeed Limited, managed by SMBC Aviation Capital Limited. The portfolio consists of twenty-seven (27) narrow body aircraft and one (1) wide body aircraft on lease to 18 airlines. Karl Griffin, CEO of Genesis, said “Building scale has been our focus since 2018 and with this recent acquisition of 28 in-service aircraft we have added 14 additional customers and embedded robust diversification by aircraft type, region and counterparty to our portfolio of 73 owned and managed aircraft. We have built an excellent aircraft leasing platform which is delivering on our strategy of investing in liquid narrow-body passenger aircraft and maximising value across their life-cycle. Our team have deep multi-cycle knowledge of the aircraft leasing sector enabling us to underwrite larger, complex investments which deliver real value to our shareholders and positions Genesis to provide fleet solutions for our airline customers in the future.”
Goshawk delivers an Airbus A350-1000 to Qatar Airways
Goshawk announced the delivery of an Airbus A350-1000 aircraft to Qatar. This delivery is the second of a two aircraft transaction with Qatar. Peter Watson, Chief Commercial Officer at Goshawk commented “We are delighted to expand our strong relationship with Qatar with the addition of our second A350-1000 aircraft. This transaction builds on Goshawk’s strategy to grow the business through the acquisition of quality assets with the world’s strongest airlines and we look forward to enhancing the relationship between Goshawk and Qatar over the months and years ahead.”
NAC delivered one ATR 42-500, MSN 581, to Manaus Aerotaxi Participações (MAP) on lease
Nordic Aviation Capital (NAC) confirmed the delivery of one ATR 42-500, MSN 581, to Manaus Aerotaxi Participações (MAP) on lease. MAP intend to use the aircraft for an oil and gas contract they were awarded with earlier this year.
Six West and Malta MedAir Announce a Joint Venture to Foster Innovation in the Aircraft Leasing Industry
Six West and Malta MedAir, a Maltese airline wholly owned by the Government of Malta, have established a new joint venture called Six West Malta. The aim of the joint venture is to position Malta as an attractive jurisdiction for the aircraft leasing industry through the provision of both a niche service which optimises aircraft use in between leases and ACMI services. Paul Bugeja, Executive Chairman of Malta MedAir said that ‘’The company is embarking on this joint venture with a determination to succeed in this new, untapped market. Although the market offers exciting opportunities, we are aware that success is dependent on hard work, perseverance, commitment, and above all professionalism. I am confident that the multi-skilled, experienced and proficient Six West Malta team will ensure that all stakeholders stand to benefit from the joint venture’s aviation services”.
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