L1 Treasury and Airborne Capital announce $250m portfolio to buy aircraft
Dublin head-quartered specialist aircraft leaser Airborne Capital has joined forces with L1 Treasury to create a $250m (€213m) portfolio to buy commercial aircraft.
The joint venture, AltitudeOne Aviation, plans to acquire a portfolio of leased in-production narrow body and wide body aircraft.
The venture will also be supplemented with bank financing.
Airborne Capital will be the asset manager and lease servicer for AltitudeOne Aviation.
"We are very excited to launch this venture together with L1 Treasury," Ramki Sundaram, CEO of Airborne Capital, said.
"The team at Airborne Capital has rich experience in setting up and managing innovative investment and fund platforms for investors. This latest initiative fits perfectly within our strategy of providing a bridge between sources of capital and businesses requiring aviation financing."
L1 Treasury manages the liquidity and financial investments of LetterOne, an international investment business with net assets in excess of $25bn.
Meanwhile Airborne Capital was launched in November 2017, and has backing from Fexco Group, Ireland’s largest privately owned financial services company, and Natixis Investment Managers.
The company has plans to grow the business to have aircraft asset under management of over $5bn within the first five years of being set up.