Avolon seals A330-200 joint venture with AerCap

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Newly-launched Irish leasing company Avolon has entered into a joint venture with Dutch lessor AerCap to acquire three Airbus A330-200s.

Avolon has also purchased six Airbus A320s from AerCap. These nine aircraft are part of a portfolio of 26 aircraft for which Avolon has signed contracts and letters of intent.

Under the joint venture, AerCap will continue to manage the three A330-200s, which are on lease to Aeroflot. The six A320s are already on lease or contracted for delivery to airlines later this year.

"Our primary focus will be on Airbus A320 and Boeing 737NG family aircraft but, as today's announcement demonstrates, we retain the capability to invest in long-haul aircraft which meet our risk and return criteria," says Avolon chief Domhnal Slattery.

Adds AerCap chief executive Klaus Heinemann: "Investor demand for new aircraft has significantly increased over the last few months, especially when linked to long-term leases with prime airlines.

"This market environment has provided attractive opportunities for us to sell aircraft from our young, fuel-efficient portfolio and from our order positions in order to achieve our diversification objectives and further optimise our portfolio."