Friday, January 18, 2013
Avolon, Wells Fargo Announce New Aircraft Leasing Joint Venture
Irish aircraft lessor Avolon and Wells Fargo announced plans on Thursday to establish a new aircraft leasing joint venture called Avolon Capital Partners (ACP).
Wells Fargo will be the majority shareholder for the business, which has an initial target portfolio of $500 million. ACP will based in Dublin, focusing on building an aircraft fleet through sale and leaseback transactions with airlines for fuel-efficient single aisle and twin-aisle aircraft.
Avolon said the San Francisco-based bank has been a significant lender to its aircraft leasing business since January 2011, helping the company to raise a total of $3.7 billion of debt capital since its inception in 2010.
“We are pleased to be able to deepen our relationship with Avolon, a longstanding Wells Fargo client with a proven management team, and to provide funding which enables them to expand their successful operations in the aircraft leasing sector,” said Julie Caperton, head of asset-backed finance and securitization at Wells Fargo. More