US-based Air Lease (ALC) has entered an agreement to sell 25 of its Embraer E190 and E175 aircraft in its fleet to aircraft turboprop trading company Nordic Aviation Capital (NAC) for an undisclosed sum.
ALC has so far used the concerned Embraer aircraft, which accounts for less than 10% of ALC’s existing fleet, to serve its regional passenger.
Deliveries of the aircraft will start in this quarter and are scheduled to conclude in the first quarter of next year.
Air Lease chairman and CEO Steven F Udvar-Házy said "After our teams successfully worked together on the ATR aircraft portfolio transaction, NAC saw additional value in our fleet of Embraer aircraft.
"This transaction is another great result for ALC shareholders as we continue to demonstrate the value creation of our leasing platform.
"The regional jet business has been very successful for ALC and the timing is now appropriate for us to have a smaller role in this market segment and to refocus our resources on growing our main line jet fleet."
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By GlobalDataThe company noted that in the last six years, its business had focused on mainline jet aircraft operations for its airline customers.
Following the completion of the latest deal, ALC plans to use some of the capital to add incremental aircraft acquisitions.
Last month, the company agreed to place three new Airbus A321-200 CEO aircraft, including one new Airbus A321-200neo and one new A320-200neo aircraft, on long-term leases to Iceland’s WOW air.
One A321-200 CEO of the deal was delivered earlier last month and the remaining two A321-200 CEOs would be delivered in the third and fourth quarter of this year.
