Lesha Bank buys 33 aircraft from lessor Avolon

Qatar's Lesha Bank has agreed to buy 33 aircraft from Irish lessor Avolon, expanding its leasing portfolio. The deal was signed on 28 September and covers nine twin-aisle and 24 single-aisle jets.

The widebody portion is three Airbus A350s, five A330s and one A330neo. On the narrowbody side are eight Boeing 737-800s and two 737 Max aircraft, plus eight Airbus A320s, three A321s, one A320neo and two Embraer 190s.

Lesha Aviation Services will manage the aircraft. The purchase lifts the bank's total fleet above 75 aircraft.

According to Avolon shareholder Bohai Leasing, the jets are on average 8.7 years old and worth $1.61 billion. The purchase price was not disclosed. Avolon said the aircraft are placed with 25 operators.

Lesha Bank group chief Mohammed Ismail Al Emadi said the purchase reflects the approach the bank has taken to building scale in aviation leasing. Adding a portfolio with established lessees and a mix of technologies supports the resilience and earnings profile it is targeting in its Sharia-compliant aviation portfolio.

Avolon chief Andy Cronin said trading aircraft is a core part of the lessor's strategy, allowing it to manage its portfolio, realise value and recycle capital. The agreement shows continued investor demand for aviation assets and the reach of Avolon's platform, he said. Avolon said the deal demonstrates the depth of institutional capital seeking exposure to leased aircraft.