Genesis to acquire eight narrow-body aircraft

Shannon, Ireland: Genesis Lease Limited announced today that it has signed a definitive agreement to acquire a portfolio of eight (8) modern, narrow-body commercial aircraft from GE Commercial Aviation Services. The transaction is expected to be substantially completed by the end of September 2007.
The portfolio consists of three Boeing B737-700, two Airbus A319 and three Airbus A320 aircraft. These aircraft are currently leased to six commercial airlines, including Air Berlin (2), Germanwings (2), LTU (1), MyTravel (1), Aloha Airlines (1) and United Airlines (1). The eight aircraft operate in Germany, the United Kingdom and the United States.
Upon the completion of this transaction, and including the delivery of the previously announced remaining two new Airbus A320 aircraft to Air Deccan and IndiGo in mid-September, Genesis will have increased its portfolio by 12 aircraft, representing year-to-date acquisitions of more than $380 million, resulting in an increase in contracted monthly base rentals of more than 30% compared to the start of the year. Based on a completion date of September 30, 2007, the enlarged Genesis portfolio will consist of 53 aircraft on lease to 34 airlines in 18 countries with a weighted average age of 5.8 years and a weighted average remaining lease term of 5.7 years.
26/09/07 Prime Newswire/CNNMoney.com

To Read the News in full at Source, Click the Headline

Categories: Air Deccan Sep 2007, Foreign Sep 2007, Indigo Airlines Sep 2007