Riyadh, October 9, 2024 - AviLease, a company owned by Saudi Arabia's Public Investment Fund (PIF), announced today that it has successfully completed the acquisition of nine aircraft from Avolon, a prominent global aircraft leasing company. This marks the second significant transaction between AviLease and Avolon, following last year's purchase of 13 aircraft. The deal further strengthens AviLease's position in the global aircraft leasing market, highlighting its strategic growth and portfolio expansion.
According to the press release, the newly acquired aircraft offer appealing financial returns and play a key role in broadening AviLease's asset base. This acquisition brings the company's total portfolio to an impressive 167 owned aircraft, including existing purchase commitments. Additionally, AviLease manages 23 aircraft leased to 48 different airlines across the world. These acquisitions align with AviLease's goals of diversifying its fleet and maximizing returns through a global reach.
Edward O'Byrne, the CEO of AviLease, emphasized the company's rapid progress since its inception two years ago. He noted that AviLease has successfully developed a profitable leasing platform by efficiently allocating capital through various channels, underscoring the company's strong growth trajectory.
Avolon CEO Andy Cronin also expressed his satisfaction with the partnership, stating that working with AviLease had been fruitful since their previous transaction in 2023. He highlighted the importance of aircraft trading as a key part of Avolon's strategy, with over $13 billion worth of assets traded since the company's founding.