Transport

Avolon to sell 49 regional jets to UK aircraft lessor

Stellwagen Group closes number of significant leasing transactions

Kate O’Connell with Taoiseach Leo Varadkar, John Higgins, president and chief commercial officer of Avolon, and Dómhnal Slattery, chief executive of Avolon, at the opening of the company’s global headquarters. Photograph: Robbie Reynolds
Kate O’Connell with Taoiseach Leo Varadkar, John Higgins, president and chief commercial officer of Avolon, and Dómhnal Slattery, chief executive of Avolon, at the opening of the company’s global headquarters. Photograph: Robbie Reynolds
Peter Hamilton
Thu Dec 20 2018 - 17:02

Irish aircraft lessor Avolon has agreed to sell 49 jets used for regional travel to UK aircraft leasing group Falko.

The aircraft in question are currently on lease to nine airlines across the world, and the transaction is due to close in early 2019.

Although Avolon didn't disclose the type of aircraft involved The Irish Times understands they were part of the CIT Group portfolio when it was acquired by Avolon in 2016 for $10 billion.

Falko chief commercial officer Mark Hughes said the acquisition was a "major step" for the lessor which would see its portfolio expand to over 120 regional jets and turboprops.

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Separately, Stellwagen Group said it had closed a number of significant leasing transactions, including two Airbus A320 aircraft, which are on lease to the Mexican owned Interjet Airlines. The group has also bought an A330-300 on lease to Air Asia and a Boeing 737-800 on lease with Norwegian Airlines.

Peter Hamilton

Peter Hamilton

Peter Hamilton is a contributor to The Irish Times specialising in business