US commercial aircraft lessor Azorra has completed the acquisition of 37 aircraft formerly owned by Nordic Aviation Capital (NAC).
The portfolio comprises 29 Embraer E-Jets and seven ATR and Q400 turboprops leased to 13 different airlines worldwide. The aircraft are financed by a lender group led by BNP Paribas.
“We are thrilled to add these aircraft to Azorra’s growing portfolio, while expanding and diversifying our customer base,” said John Evans, CEO of Azorra.
“These aircraft are ideally suited for today’s market dynamics and are leased to well-known airlines around the world. Azorra’s management team has a long and successful history with BNP Paribas and originated a majority of these leases prior to the sale of Jetscape to NAC. We were pleased to work with BNP Paribas and its lender group on this transaction.”
‘Strong leasing platform’
Bertrand Dehouck, head of Transportation Capital Markets, Global Banking for BNP Paribas, said: “We recognise in Azorra a strong leasing platform in the regional aircraft market and a trusted partner who stood by us while we navigated with our lender partners a complex environment and process. This 37 aircraft portfolio is in good hands, and we are pleased it contributes to scale up Azorra’s business.”
Azorra currently owns and manages 60 aircraft on lease to 18 airlines in 15 countries and has commitments to purchase 49 aircraft and spare engines including 42 new Airbus A220/ACJ220 and Embraer E2 aircraft.