Ireland-headquartered lessor Avolon inked 50 lease transactions, delivered 13 aircraft and sold 41 during the second quarter of 2018.

The leases included new agreements, second leases and extensions, taking Avolon to a customer base of 156 airlines in 64 countries—five more than in 2Q 2017.

By the end of the period, Avolon had an owned and managed fleet of 562 aircraft, down 2%, with an average owned fleet age of 5.2 years and 6.6 years of lease remaining.

Including committed aircraft, the portfolio was 3% down at 921. Fleet utilization stood at 99.7%.

The bulk of the sales—28 aircraft—were sold to the Sapphire Aviation Finance securitization vehicle.

Avolon, which is a wholly owned indirect subsidiary of China’s Bohai Capital Holding, also established an asset management platform called Jade Aviation with Chinese company Cinda Asset Management. Avolon took a 20% stake in the venture, with Cindra Leasing holding the remaining 80% shareholding.

“Avolon, as asset manager, will be the exclusive provider of aircraft to Jade Aviation and Cinda will provide the debt financing for the vehicle, thereby combining Avolon’s lease management service expertise with Cinda’s access to deep pools of capital within Asia,” Avolon said.

Jade Aviation has agreed to acquire a seed portfolio of seven aircraft, sourced from Avolon’s portfolio.

Victoria Moores victoria.moores@informa.com