Avolon Capital Partners set to take first aircraft

Source: Flightglobal.com
This story is sourced from Flightglobal.com

Avolon Capital Partners has confirmed it will take delivery of first aircraft, a Boeing 737 Next Generation, later this month.

The company, a joint venture between Avolon Aerospace and Wells Fargo, aims to build a $500 million aircraft portfolio around the Airbus A320 and 737 NG models.

"There are a number of deals in the pipeline for 737 NG and A320 aircraft and it is expected that ACP will deliver its first aircraft by the end of July," Avolon Capital Partners tells Flightglobal.

Equity will be provided by the joint venture while Wells Fargo will provide banking and debt financing facilities.

Avolon Capital Partners says there are a number of deals in "advance stages". The lessor anticipates a six- to 10-aircraft portfolio after 12 months of operations in January 2014.

"Similar to the Avolon portfolio, the primary focus will be on the A320 and 737 families. Other aircraft types may be considered but the principal focus is on young, full-efficient, single-aisle aircraft," says the joint venture.

Avolon says it ended the first half of 2013 with a 96-aircraft fleet. It delivered nine new aircraft, including a new Boeing 777-300ER and 737-800s to American Airlines, China Eastern Airlines, Lion Air and TUI Travel. It also placed two new Airbus A320-200s to Avianca during the six-months' period.

The lessor also completed the sale of six aircraft on long-term leases to a number of international investors.