Portfolio of nine widebodies and 24 single-aisle jets valued at $1.6 billion.
Qatari-based Lesha Bank is expanding its aircraft portfolio by acquiring 33 aircraft from Irish lessor Avolon.
Three Airbus A350s as well as five A330s and a single A330neo are among the aircraft being purchased.
The other 24 are single-aisle aircraft, including eight Boeing 737-800s and two 737 Max jets, plus eight Airbus A320s, three A321s, an A320neo, and two Embraer 190s.
“This acquisition reflects the disciplined approach we have taken to building scale in aviation leasing,” says Lesha Bank group chief Mohammed Ismail Al Emadi.
“Adding a portfolio of this calibre, with established lessees and a strong technology mix, reinforces the resilience and long-term earnings profile we are targeting across our Sharia-compliant aviation portfolio.”
The package of jets will be managed by Lesha Aviation Services, and take the bank’s total fleet to more than 75 aircraft.
Avolon says the deal, signed on 28 September, “demonstrates the depth of institutional capital seeking exposure to leased aircraft”, adding that the jets being divested are leased to 25 operators.
According to Avolon shareholder Bohai Leasing, the 33 aircraft have an average age of 8.7 years and are valued at $1.61 billion – although the sale price has not been disclosed.
“Aircraft trading is a core part of Avolon’s strategy, enabling us to actively manage our portfolio, realise value and recycle capital,” says Avolon chief Andy Cronin.
“This agreement reflects the continued strength of investor demand for aviation assets and the scale and capabilities of Avolon’s global platform.”
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