Dublin-based aircraft lessor Avolon adds to fleet

Irish aviation lessor Avolon said it added 28 aircraft to its fleet to bring the total number to 143 aircraft at the end of the first quarter, a rise of 24 per cent year-on-year.

The Dublin-based company, which is run by aviation industry veteran, Dómhnal Slattery, said it agreed sale and leaseback transactions for 19 new aircraft during the first three months of 2015, adding a further $841 million of commitments to its pipeline.

Avolon’s 2016 capital commitments increased by $461 million to $818 million over the quarter, an increase of 129 per cent since the final quarter of 2014.

The group said it delivered 8 new aircraft to five airlines in five countries during the first three months of the year.

Headquartered in Ireland, with offices in the United States, Dubai, Singapore and China, Avolon provides aircraft leasing and lease management services. The group, which is listed on the New York Stock Exchange, has an owned, managed and committed fleet of 251 aircraft serving 51 customers in 29 countries.

Avolon said aircraft with a net book value of $145 million were sold during the first three months of 2015. In addition, at the end of the first quarter, the lessor had executed letters of intent for the sale of further aircraft in 2015 with a net book value of $372 million.

The group said $920 million of available debt was undrawn at the end of the quarter under review.