Airborne Capital/L1 Treasury acquire €280m aircraft portfolio

Dublin aviation firm links up with Luxembourg-based treasury specialist AltitudeOne

Ramki Sundaram, chief executive of Airborne Capital. Photograph: Shane O’Neill

Ramki Sundaram, chief executive of Airborne Capital. Photograph: Shane O’Neill

 

Dublin-based aircraft leasing and asset management business Airborne Capital has linked up with a Luxembourg-based treasury specialist to create a new venture with $250 million to invest in portfolio of aircraft to be leased to airlines across the world.

AltitudeOne Aviation, as the venture will be known, will acquire a portfolio of leased in-production narrow body and wide body commercial aircraft, with committed equity capital of approximately $250 million (€279 million) provided by L1 Treasury and Airborne Capital, which will also be supplemented with bank financing. Airborne Capital will be the asset manager and lease servicer for AltitudeOne Aviation, with L1 Treasury providing financial support and expertise.

Ramki Sundaram, chief executive of Airborne Capital, said: “We are very excited to launch this venture together with L1 Treasury. 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.”

Airborne Capital was launched in November 2017 with substantial backing from Fexco Group, one of Ireland’s largest privately owned financial services companies, and Natixis Investment Managers. The company says it has “aggressive plans” to grow the business to have aircraft asset under management of more than $5 billion within the first five years of being set up.

Luxembourg based L1 Treasury manages the liquidity and financial investments of LetterOne, an international investment business with net assets in excess of $25 billion.