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.
High rental costs mean Dublin ranks in top 10 most expensive cities in Europe
Ireland has chance to take a leading AI regulatory role – starting with the appointment of a dedicated minister
Is a room rented under rent-a-room scheme restricted by RPZ rules?
‘I joke that my two children are my retirement plan, but I’m not sure they see it that way’
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.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
