Air Lease Corporation (ALC) has partnered up with asset management company Napier Park Global to launch a new aircraft leasing company.
The joint venture, Blackbird Capital I, will be 90.5 per cent owned by Napier and is set to spend $2bn in acquiring aircraft by the end of 2016.
ALC will sell $500m-worth of its aircraft into the JV and provide management services to the new company over 12 years.
Blackbird Capital I’s fleet will be made up of aircraft types similar to that in ALC’s portfolio, which includes narrowbody and widebody jets from both Airbus and Boeing.
News of the new JV came as ALC confirmed that its Q3 pre-tax profits rose by 29 per cent year on year.