IAT Leasing has facilitated the acquisition of two A330 aircraft leased to International Airlines Group (IAG), the leasing platform said on October 2.
Both aircraft were purchased using funds managed by a US alternative investment asset manager.
Martin Browne, CEO of IAT, said: “We are delighted to have closed these transactions in quick succession alongside our valued equity partner, further exhibiting our commitment to the A330 aircraft, as well as increasing our exposure to the high performing IAG group."
IAT Leasing facilitated the acquisition of a 2008 vintage A330-300 aircraft, MSN 893, currently leased to Aer Lingus. This is the second such purchase of aircraft on lease to Aer Lingus from funds managed by a leading aircraft manager.
The platform also managed the acquisition of a 2012 vintage A330-200 aircraft, MSN 1319, currently leased to Iberia, from Stratos on behalf of a US institutional alternative investment management firm.
Stratos CEO Gary Fitzgerald said: “We are pleased to have closed this sale to IAT on behalf of our investors, who entrusted Stratos with a highly complex repossession and lease placement along with the various technical and commercial challenges.”
The transactions were closed in June and August, respectively.
The deal increases the number of IAG fleet under IAT Leasing's management to four aircraft. Browne said the company expects to disclose further deals in the fourth quarter.
Pillsbury Winthrop Shaw Pittman provided legal counsel to the buyer. PK AirFinance provided financing for MSN 893 as part of a broader facility. Reed Smith acted as legal counsel for Stratos. Vedder Price acted as legal counsel for the US seller.