Abu Dhabi’s Sirius Aviation picks up 10 aircraft from Bank of China Aviation

Sirius Aviation Capital is headquartered in Abu Dhabi’s financial hub ADGM. Image Credit: ADGM

Dubai: Abu Dhabi based aircraft lessor Sirius Aviation Capital Holdings has acquired 10 single-aisle from the Bank of China Aviation.

Sirius, based out of Abu Dhabi Global Market (ADGM), entered into joint ventures with aviation investors Corrum Capital and HPS Investment Partners. Sirius’ share was funded via its commitment from its anchor investor, Abu Dhabi Catalyst Partners (ADCP). (ADCP is a joint venture between Mubadala Investment Company and Falcon Edge, a US investment company.

The acquisition “underpins Sirius’ investment strategy of acquiring “in-demand, single-aisle, mid-life aircraft” that are globally on lease, enabling investors to generate attractive risk adjusted returns, said the company in a statement.

“We are delighted to have grown our fleet to 10 aircraft during the worst year in the history of commercial aviation,” said Howard Millar, CEO of Sirius. “This is testimony to the strength of our business model, which is to acquire aircraft on lease to top tier airline credits availing of the attractive returns available in mid-life single aisle aircraft leasing.”

What’s to come

Sirius said it sees “attractive” investment opportunities in aviation as traffic volumes recover due to the global rollout of vaccines. The company plans to more than double its fleet to more than 20 aircraft in the next 12 months – and to over 100 in the next three years.

“We look forward to working closely with our investors, shareholders, and the ADGM team to deliver these ambitious targets,” said the aircraft lessor.