Aircastle has formed a joint venture with an affiliate of Ontario teachers' pension plan, Teachers, to invest in leased aircraft. The JV's first investment is two A330 family aircraft manufactured in 2013 and leased to Indonesian flag carrier, PT Garuda Indonesia. Both aircraft were purchased from Aircastle, which had acquired them earlier this year from Airbus. The JV hopes to acquire between $500m to $1bn of aircraft investments, which Aircastle will source and service. Ron Wainshal, Aircastle’s CEO, commented: "We are pleased to expand our relationship with Teachers through this aircraft leasing venture. We believe that by working together we will be able both to secure larger transaction opportunities and to manage portfolio exposures while continuing to maintain strong servicing relationships with our airline customers."