Lesha Bank has acquired a portfolio of 33 aircrafts from Dublin-headquartered leasing specialist Avolon, taking its managed fleet to more than 75 aircrafts.
The deal was completed through an investment structure on behalf of Lesha Aviation Fund under an agreement for the sale and purchase of the portfolio. Neither company has disclosed the aircraft types, the airlines leasing them or the financial value of the transaction.
The purchase marks another step in the developing relationship between the two firms and gives Lesha’s aviation business greater scale and exposure to a diversified group of airline operators. It forms part of the bank’s strategy of building its leasing activities around a portfolio of aircraft and established lessees.
Mohammed Ismail Al Emadi, group CEO of Lesha Bank, said the acquisition reflected “the disciplined approach we have taken to building scale in aviation leasing … We expect this portfolio to deliver stable, diversified returns for years to come.”
Avolon CEO Andy Cronin described it as a “significant transaction”. He said aircraft trading is a core part of the company’s strategy, allowing it to manage its portfolio, realise value and recycle capital. “This agreement reflects the continued strength of investor demand for aviation assets,” Cronin said. top executives of the firms.
Domiciled in the Cayman Islands, the fund – potentially as large as US$1 billion (QR3.64 billion) – would be structured to provide qualified high-net-worth investors in the Gulf Cooperation Council (GCC) countries direct exposure to mainland-listed shares and Hong Kong equities, the companies said.
