HEH Aviation "Sevilla" Beteiligungsgesellschaft, the German fund arranged by Hamburger EmissionsHaus (HEH) closed on a third and final Bombardier CRJ1000 aircraft for Air Nostrum.
The aircraft, MSN 19020, follows MSNs 19018 and 19019, which were delivered in October and November, respectively.
The aircraft are under a 10-year operating lease to Air Nostrum. HEH says the monthly lease rate is €79,500 ($130,350) a month plus capital cost. On average this makes the monthly rental at €187,001 a month, adds HEH.
Hamburger EmissionsHaus said the aircraft was purchased for $26.4 million, $3 million below its current market value.
According to the prospectus, investors can participate from €10,000 plus 5% initial fee. The total payout is 10 years. Annual distributions starts at 8% and is scheduled to increase to 12% in 2022 and 15% in 2028. Total distributions are projected at 252%, including sale proceeds, over the term.
Earlier this year, Hamburger EmissionsHaus acquired 11 Bombardier Dash 8 Q400 aircraft from Bombardier, which were originally ordered by UK regional operator Flybe. The aircraft portfolio ranges with aircraft built in October 2007 to July 2009. The 11 aircraft are leased to Flybe under an operating agreement for an initial term of 10 years with an option to extend for two years. Debt financing and equity participation was successfully arranged jointly between Hamburger EmissionsHaus and Airfund Corporation.