Dublin-based Avolon will add 118 aircraft to its fleet with the acquisition of Castlelake Aviation Ltd.
The aircraft lessor expects that the deal, terms of which were not disclosed, will accelerate its earnings growth.
As of March, Casltlelake had assets of $5bn, including 105 aircraft on lease, commitments for 13 new technology aircraft, two engines on lease and nine loans.
The portfolio is 68% narrowbody aircraft, 70% new technology aircraft, has a weighted average aircraft age of 4.7 years, and a weighted average remaining lease term of 8.4 years.
Joe McConnell, partner and deputy co-chief investment officer at Castlelake, commented: “We’re pleased to collaborate with Avolon on this notable transaction, delivering what we believe is a win-win for all parties: returning capital to Castlelake’s and CA Ltd.’s investor stakeholders, position lessees for ongoing high-quality asset management services, and provide Avolon with a fleet of high-quality aircraft assets.”
Avolon had $8.2bn of available liquidity …