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Avation signs long-term leases for four aircraft

In response to an analyst question, Avation confirms that it has signed a new lease for a mid-life Airbus A321. The other three are the ATR 72-600s referred to in July's stock market statement
Avation and Mandarin Airlines
The signing of the deal with Mandarin Airlines

Aircraft leasing company Avation PLC (LON:AVAP) has signed multiple long-term leases with two airlines for four aircraft.

The company confirmed it has signed a new lease for a mid-life Airbus A321 that will commence on expiry of its existing lease in mid-2018. The aircraft will move over to another European airline for a term of 72 months at typical commercial rates for a mid-life aircraft, Avation said.

The other three aircraft are the ATR 72-600s referred to in the letter of intent announced back in July; the long-term leases have now been signed.

The aircraft are being leased to Mandarin Airlines, the subsidiary of Taiwanese flag carrier China Airlines.

WATCH: Avation Plc into a new year with a new set of growth challenges

These three aircraft will be configured to the customer's specifications and client's livery and are expected to be delivered into service towards the end of the year.

Shares in Avation were up 1.5% at 240p after an hour of trading.

READ: Avation flies higher after reporting record full-year revenues and profits

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