Commercial aircraft leasing company Azorra completed the acquisition of 37 aircraft previously owned by Nordic Aviation Capital (NAC). A group of lenders, led by French bank BNP Paribas, financed the transaction. All units are currently operating for different airlines.
The leasing company thus added 29 Embraer E-Jets (operated by Aerolíneas Argentinas, Aeroméxico Connect, Air France HOP, Airlink, Azul Linhas Aéreas, BA CityFlyer, German Airways, Kenya Airways, LOT Polish Airlines and Portugalia), 7 ATR aircraft (operated by Silver Airways and Air Antilles) and a De Havilland Q400 (operated by LAM Aerolíneas de Mozambique).
«We are thrilled to add these aircraft to Azorra’s growing portfolio, while expanding and diversifying our customer base», said John Evans, the company’s CEO. «These aircraft are ideally suited for today’s market dynamics and are leased to well-known airlines around the world», he added.
Bertrand Dehouck, Head of Transportation Capital Markets, Global Banking for BNP Paribas, said: «We recognize in Azorra a strong leasing platform in the regional aircraft market and a trusted partner who stood by us while we navigated with our lender partners a complex environment and process».
Azorra specializes in the short- and medium-range aircraft market. It currently owns and manages 60 aircraft under lease to 18 airlines in 15 countries.
In January, the company placed an order with Brazilian manufacturer Embraer for a total of 20 E-Jets, consisting of any combination of E190-E2 and E195-E2 aircraft. In addition, it holds purchase options for another 30 aircraft. That same month, it confirmed an order to Airbus for 20 A220-300 aircraft and two ACJ TwoTwenty.
With Nordic Aviation Capital’s exit from the U.S. Chapter 11 bankruptcy restructuring process, competition in the regional aircraft leasing market is expected to increase in the coming months.
See also: Aerolineas Argentinas issues Request for Proposal to incorporate two Airbus A330-200s
