GMT Global acquires AerCap aircraft

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

GMT Global Republic Aviation (GMT Global) has acquired four Airbus A320-200 (250, 334, 335, 440) with V2500-A1 engines from AerCap Holdings. The market value of the four aircraft is estimated at $68 million.

The aircraft are currently on lease to TAM - Linhas Aereas from AerCap through the end of 2009. GMT Global has signed a three-year extension on each aircraft through 2012.

"This was part of our value creation in taking a potential purchase with a short lease remaining and getting in discussion with the airline to extend the lease in parallel with closing the transaction," comented Ian Massey CFO of GMT Global.

GMT Global’s CEO Paul Mason commented: "This transaction is an important development for us, as it expands our fleet with single-aisle aircraft and also develops our presence in Latin America, one of the fast growing economic regions. We will continue to increase our portfolio globally, particularly as economic conditions tighten, as this plays to our strengths as a value-focused aircraft investor."