German bank DVB’s investment vehicle Deucalion is to purchase six Air France Boeing 747-400s for freighter conversion.
Deucalion says it has signed a letter of intent with Air France covering the six passenger aircraft, which will be delivered in 2009-10.
It is planning to tap Israel Aerospace Industries’ Bedek division for the full freighter conversions and expects the first of the cargo aircraft to be available in September next year.
DVB Bank board member Bertrand Grabowski says: “We want to further expand our investment management business – not least thanks to continued high investor demand for aviation projects.
“The aircraft will form the core of Deucalion’s Boeing 747-400 passenger to freighter conversion business over the next five years.”
SkyTeam member Air France firmed the first stage of its 747-400 phase-out during last year’s Paris Air Show, placing an order for nine Boeing 777-300ERs with options for seven more. Air France is planning to replace its 747s by 2013.
Air France corporate fleet senior VP Pierre Vellay says: “This aircraft transaction has been a favourable opportunity to establish a commercial relationship with Deucalion aviation funds and DVB Bank.
“It allows Air France to develop its fleet orientation towards twin engine, 777 aircraft, long-haul passenger operations, and increase the scale effect positive impact on its profit and loss. In addition it will provide environmental improvements in terms of global emissions and noise.”
Source: flightglobal.com's sister premium news site Air Transport Intelligence news
For other relevant stories take a look at Commercial Aviation Online
Source: FlightGlobal.com
