Posted on: 06 June 2016 by Mark Howells
Air Lease Corporation (ALC) has announced an agreement to sell 25 of its Embraer E190 and E175 aircraft to Nordic Aviation Capital (NAC).
Transfers of the aircraft to NAC will begin during the second quarter of 2016 and are expected to conclude during the first quarter of 2017. As the aircraft are moved, ALC expects to use some of the capital to add incremental aircraft acquisitions.
Martin Møller, chairman of Nordic Aviation Capital, averred, “We are delighted to be expanding our relationship with ALC. We are also happy to be growing our Embraer fleet, but most importantly we are looking forward to expanding our relationship with key clients and adding several new clients.”
“We are pleased to have reached attractive terms on another win-win transaction with NAC,” added Steven Udvar-Házy, ALC’s chairman and CEO. “After our teams successfully worked together on the ATR aircraft portfolio transaction, NAC saw additional value in our fleet of Embraer aircraft. This transaction is another great result for ALC shareholders as we continue to demonstrate the value creation of our leasing platform. The regional jet business has been very successful for ALC and the timing is now appropriate for us to have a smaller role in this market segment and to refocus our resources on growing our mainline jet fleet.”