TrueNoord snaps up E190 Mandarin duo from GECAS

Two Embraer E190 aircraft under lease to and operated by Taiwanese carrier Mandarin Airlines have been bought by TrueNoord from GECAS as the regional aircraft lessor chases a “multiplicity of opportunities” in East Asia.

The two aircraft increase TrueNoord’s Embraer E190 fleet under lease to 17 globally. The purchase was partially financed under a finance facility by BNP Paribas and DVB Bank, with Pillsbury and Stek acting as legal advisers for TrueNoord throughout the transaction.

Mandarin is based in Taipei, Taiwan and operates domestic and regional international flights. It introduced E190s to its fleet in June 2007 and currently operates six on domestic, cross-strait and international routes.

“Providing aircraft for a regional carrier in East Asia is an exciting step for TrueNoord and we are proud to support Mandarin Airlines, a fully owned subsidiary of China Airlines,” said Anne-Bart Tieleman, TrueNoord’s CEO. “We see a multiplicity of opportunities with existing operators, new airlines and new lessees across the East Asia region. We understand the complex geographies that need air transport to deliver economic growth and community connections. We will continue to build our portfolio of aircraft to service operators, like Mandarin Airlines. The provision of regional aircraft is TrueNoord’s sole specialism.”

TrueNoord’s strategy is to acquire relatively young aircraft with long remaining leases operated by quality operators. It is backed by investors including BlackRock, Aberdeen Asset Management and Bregal Freshstream.

 

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