Sirius Aviation Capital has purchased five single-aisle, mid-life aircraft from BOC Aviation.
The aircraft are on lease to three different carriers: three Boeing 737-700s with Southwest Airlines, one 2011-built Airbus A320 with Spirit and one A320, 2012-vintage, with Etihad.
The aircraft have remaining lease terms of approximately four years, says Sirius.
As part of the acquisition, Sirius has entered into a joint venture with Carolous Aviation Leasing, a portfolio company of Corrum Capital Management. Corrum Capital is a US-based investment firm active in the aviation industry.
Abu Dhabi Catalyst Partners, an anchor investor for Sirius, funded the lessor's share of the joint venture.
ADCP is a joint venture between Falcon Edge (a US investment company) and Mubadala Investment Company (the sovereign wealth fund of Abu Dhabi).
The acquisition underpins Sirius’s investment strategy of acquiring in-demand single-aisle, mid-life aircraft globally on lease to strong airline credits, enabling investors to generate attractive risk-adjusted returns.
Howard Millar, chief executive officer of Sirius, says: “We are pleased to have entered into a joint venture with Carolous to acquire these aircraft and avail of the attractive returns available in mid-life single-aisle aircraft leasing. Corrum Capital is an experienced aviation investor and an ideal partner. We have launched this joint venture via the purchase of five single-aisle aircraft from BOC Aviation, and the aircraft are a mix of the in-demand Boeing 737s and Airbus A320s and are leased to strong airline credits (four of the aircraft are in the US and one in the UAE).”
Jason Cipriani, the co-managing partner of Corrum Capital, says: “We are pleased to have entered into a joint venture with Sirius and ACDP to acquire this high-quality aircraft portfolio with strong airline counterparties. The joint venture strategy tent with our focus on mid-life narrowbody aircraft on lease to high-quality airlines globally. Sirius has a highly experienced team, and we look forward to a continued mutually beneficial relationship.”
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