EMP Aviation, which is a Dublin-based leasing subsidiary of German aircraft lessor and arranger EMP Structured Assets, has closed its first aircraft acquisition at the end of June 2019.
The company acquired an Airbus A330-300 on long-term lease to South African Airways from Aergo Capital, with PK AirFinance acting as senior lender to the deal.
“We are delighted about the successful completion of the transaction, proving our ability to source economically viable opportunities in a market currently characterized by an ultra-low margin environment.” says Volker Fabian, managing director of EMP Aviation Ireland.
Fred Browne, chief executive officer of Aergo, added: “We are delighted to have worked with EMP on such a successful transaction. This sale could not have happened but for a great collaborative effort from all parties involved.”
Philipp Prior, managing partner of EMP, said: “The activities of EMP Aviation Ireland will generate a higher diversification for the EMP Group portfolio overall. Five years following our first closing, our Assets under Management have grown to presently over $4.5 billion – so we can say with confidence we are no longer a start-up.
“We are focused on broadening our spectrum in a challenging market with significant liquidity all around and EMP Aviation Ireland provides a first step to diversifying our business strategically.”
Meanwhile, EMP Group has said it is continuing to expand by concentrating on widebody financings for top tier airlines, in both operating or finance lease structures.
In parallel to the South African Airways A330 purchase, EMP closed further five A380s with Emirates since December 2018, combining ECA supported facilities in USD with Korean Junior Loans in EUR - a first time ever such combination.