Aircraft finance company Avolon has issued an update on its fleet activity in the third quarter, selling 11 aircraft and ending the period with 59 aircraft agreed for sale. It delivered nine new aircraft and transitioned five aircraft to a total of 11 customers, and entered into letters of intent for the sale and leaseback of nine aircraft.
At the end of the quarter, it had an owned and managed fleet of 577 aircraft, with total orders and commitments for 442 fuel-efficient, new technology aircraft.
This includes a deal it made with aviation Castlelake Aviation to acquire its $5 billion (€4.5 billion) portfolio of aircraft in a strategic deal that will further strengthen Avolon’s position in the market.
Castlelake Aviation was set up in 2021 by global alternative investment manager Castlelake to finance modern, fuel-efficient aircraft.
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The Dublin-based company’s portfolio includes 105 aircraft, two engines, and commitments for 13 more aircraft. Some 70 per cent of these aircraft are new technology, Avolon said.
In total, Avolon agreed to the purchase of 134 aircraft and the sale of 85 in the first nine months of the year.
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