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Investec expands aircraft holdings
Investec has added three narrow-body aircraft to its Investec Global Aircraft Fund, bringing the portfolio to 10 aircraft and taking the total value past $600 million.
The new aircraft are two Airbus A320-200s and one Boeing B737-700, acquired from GE Capital Aviation Services Limited. They will be leased to German carrier Air Berlin, Chinese Shenzhen Airlines and Vueling Airlines in Spain for terms of five to six years.
"We are very pleased to add these aircraft to the portfolio as it continues to deliver on the Fund's strategy of investing in high demand, new generation aircraft of lease to quality airlines," said IGAF executive David Phillips.
"The other material benefit is the added diversification the acquisitions bring in relation to airline, country and aircraft type exposure."
IGAF executive Michael Weiss said that growth in the fund increased the opportunities to transact with other leasing companies.
The fund has attracted significant interest from Australian institutional investors since its launch in 2008.
It recently launched its third capital raising, with the Australian Catholic Superannuation and Retirement Fund the major contributor to the $50 million raising. A $45 million capital raising earlier this year attracted interest from investors such as AMP Capital Investors and Health Industry Plan Superannuation.
Investec announced that the fund was on target to grow assets to over $1 billion by early 2011.
AUTHOR
Mike Taylor
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