Avolon, the international aircraft leasing group, said it has acquired two A320 aircraft for delivery to UAE national carrier Etihad Airways as part of a sale and leaseback transaction, financed by Abu Dhabi National Leasing.

Etihad has received the first aircraft, while the second is scheduled for delivery in December, said a statement from Avolon.

This is Avolon’s first transaction with both Etihad and Abu Dhabi National Leasing, a leasing subsidiary of National Bank of Abu Dhabi, and forms an important part of Avolon’s strategic expansion in the Middle East, said a senior official.

"Etihad has selected Avolon as a partner in its fleet development plans and our team has a proven track record in structuring innovative sale and leaseback financings," remarked Ranga Karumbunathan, the managing director (Origination) for Avolon.

"We look forward to further developing our relationship with both Etihad and ADNL. This is our third transaction in the Middle East and we are focused on further expanding our presence in the region," he stated.
 
Avolon is an established, international aircraft leasing firm with a growing global customer base of 37 airlines in 24 countries with a committed fleet of 179 aircraft and the youngest large lessor fleet in the world.

James Rigney, the chief financial officer, Etihad Airways, pointed out that in a rapidly evolving market, having a flexible and reliable partner to work on fleet financing solutions is important.

"We are pleased to have completed this transaction with Avolon and ADNL to finance two of our Airbus aircraft. This is our first delivery from Avolon and we look forward to working with them in the future as we continue to grow and provide our customers with a superior travel experience," he said

Yousef Abdulla Yousef, the ADNL managing director, described the transaction as an important milestone for the company.

"We are thrilled to have Etihad Airways and Avolon as partners in this transaction and are excited to expand our relationship through other transactions in our shared mandate to establish Abu Dhabi as global aerospace hub," he added.-TradeArabia News Service