AWAS, a Dublin-based aircraft leasing firm owned by the Canada Pension Plan Investment Board (CPPIB) and Terra Firma, has agreed to sell a portfolio of 90 planes to Macquarie Group for US$4 billion.

“As a long-standing investor in AWAS, we believe this sale is an excellent opportunity to realize the embedded value in this portfolio of aircraft while still retaining an attractive fleet to serve the needs of AWAS’ airline customers around the world,” says Mark Jenkins, CPPIB’s senior managing director and global head of private investments.

Read: CPPIB posts 3.3% return

The portfolio being sold comprises 90 young predominantly narrow-body aircraft.

The sale is expected to close within 12 months and is subject to customary closing conditions.

AWAS will continue to own and maintain the core of its remaining diversified portfolio of more than 200 modern aircraft and plans to continue to grow its fleet through sale-leaseback transactions with airlines and secondary market aircraft purchases.

Private equity firm Terra Firma owns a 75% stake in AWAS, with the remaining 25% stake owned by CPPIB. Terra Firma and CPPIB are long-time investors in AWAS, both first investing in the company in 2006.

The sale is expected to close within 12 months and is subject to customary closing conditions.

Looking for related articles? Click here for more stories about the CPPIB.

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Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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