Aergo Capital has sold two aircraft as the company continues to reduce the average age of its fleet.
Aergo sold one 1997 Vintage A320-200 (MSN 0662) to a third party aircraft lessor. The aircraft is subject to an operating lease with Smartlynx Airlines. Aergo also sold one 1998 Vintage B737-300 (MSN 29334) to Plane Business.
Hal Gamble, Chief Executive Officer of Plane Business, said: “We are pleased to have concluded a further transaction with Aergo Capital and continue to strengthen the trading relationship between our companies. The mid-life single-aisle aircraft market continues to satisfy our investment criteria and we look forward to further expansion of the portfolio in the future.”
“We are delighted to work with Plane Business Limited on this transaction as Aergo continues to transition out of older, classic aircraft and focuses on newer technology aircraft,” said Fred Browne, Chief Executive Office of Aergo Capital. “These two divestments improve the attractiveness of our portfolio as we transition to an airline-centric operating lessor.”
Norton Rose Fulbright acted as legal counsel for Plane Business Limited. Smith, Gambrell & Russell (formerly of Blake Morgan) acted as lead transaction counsel on both transactions for Aergo Capital and KPMG acted as tax and accounting adviser.