Dublin-based Apollo Aviation’s assets grow 42% to $3.5bn

Aircraft financier Apollo Aviation increased assets under management by 42 per cent to $3.5 billion last year.

The Dublin- and Miami-based company said that during the final three months of the year it bought six narrow-body Airbus and Boeing aircraft for $131 million.

Its purchase brought the number of aircraft that it acquired in 2016 to 55, which cost it a total of $1.28 billion.

Of the 55 craft that it bought last year, 46 were narrow-body, used mainly for short-haul journeys while nine were narrow-body, used for travelling over longer distances.

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Apollo's president, Robert Korn, said the company had gained 20 new customers in 2016, which in turn had driven demand for for its fleet, which had grown to 131 aircraft.

Also in 2016, Apollo raised $1.15 billion to finance 67 aircraft through two asset-backed securitisations.

Apollo chairman William Hoffman said the transactions had given the company an efficient structure for financing its fleet.

“Having now completed three securitisations, Apollo Aviation has established a firm foothold as a leading aviation-focused asset manager,” Mr Hoffman said.

Apollo has offices in the Republic, US and Singapore.