ALAFCO acquires four modern passenger aircraft from BOC Aviation on lease to major Asian carriers

Kuwait-based ALAFCO Aviation Lease and Finance Company announced that it has completed the acquisition of a four-aircraft portfolio from BOC Aviation. This is the first transaction for ALAFCO with BOC Aviation. The aircraft include 2 A320-200 aircraft on lease to Beijing Capital Airlines and 2 B737-800 aircraft on lease to Jet Airways, both of which are on long-term leases.

ALAFCO is keen on expanding its relationships with Beijing Capital Airlines in China and Jet Airways in India, as it looks to acquire attractive aircraft on lease to major Asian carriers. Beijing Capital Airlines is an affiliate of Hainan Airlines and part of the large Chinese conglomerate HNA Group, while Jet Airways is considered one of the largest airlines in India.

The acquisition is in line with ALAFCO’s growth strategy, which includes the acquisition of aircraft with lease attached from other lessors, as well as sale and lease-back transactions with airlines. Additionally, the company has contracted with Boeing and Airbus to acquire 117 new technology aircraft to be delivered between 2017 and 2021. ALAFCO aims to have a fleet of more than 100 aircraft by the end of the decade.

About ALAFCO

ALAFCO Aviation Lease and Finance Company K.S.C.P., headquartered in Kuwait, is a global aircraft leasing company. ALAFCO's main activities include aircraft operating leases, sale and leasebacks and aircraft lease management. ALAFCO’s portfolio consists of 53 Airbus and Boeing aircraft – comprising of A320, B737 and B777 aircraft – leased to 16 airlines in 13 countries across the world. ALAFCO invests in new technology aircraft and has a firm order of 117 aircraft comprising of 85 A320neo, 12 A350-900XWB, and 20 B737max aircraft.

About BOC Aviation

BOC Aviation is a leading global aircraft leasing company with a portfolio of 270 owned and managed aircraft leased to 62 airlines worldwide in 30 countries, with commitments to acquire 241 aircraft, as of 31 December 2015. The Company has one of the youngest fleets in the industry with an average owned aircraft age of less than four years. BOC Aviation, owned by Bank of China, is based in Singapore with offices in Dublin, London, Seattle and Tianjin.

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