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Avation PLC

Avation’s airBaltic deal wins ‘Operating Lease Deal of the Year 2018’ from AirFinance Journal

The aircraft leasing firm said it had received the award for a sale and leaseback of two Airbus A220-300 aircraft from the Latvian carrier last year

Airbus A220-300
The deal was the industry’s first open market sale and leaseback of an A220-300

Avation PLC’s (LON:AVAP) deal with airBaltic has won the ‘Operating Lease Deal of the Year 2018’ award from industry publication Airfinance Journal at its Deal of the Year Awards in New York.

The aircraft leasing firm said it had received the award for a sale and leaseback of two Airbus A220-300 aircraft from the Latvian carrier last year.

READ: Avation granted further 5-year tax incentive under Singapore’s Aircraft Leasing Scheme

The deal was the industry’s first open market sale and leaseback of an A220-300 in a transaction that combined a non-mainstream asset with a relatively untested credit, a perceived ambitious price and a euro-denominated rental target.

Avation’s executive chairman Jeff Chatfield said: "we remain committed to expanding our fleet with new technology aircraft for a diverse range of clients and believe that the A220 will attract a broad operator base and maintain a strong residual value outlook."

In mid-morning trading on Friday, Avation shares were down 1.4% at 290p.

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