20 December 2013
Aircastle Ltd. (NYSE: AYR) said it has formed a joint venture to invest in leased aircraft with an affiliate of Ontario Teachers´ Pension Plan, the largest single-profession pension plan in Canada.
The joint venture´s first investment is two Airbus A330 family aircraft manufactured in 2013 and leased to Indonesian flag carrier, PT Garuda Indonesia (Persero) Tbk. Both aircraft were purchased from Aircastle, which had acquired them earlier this year upon delivery from Airbus.
Aircastle will provide marketing, asset management and administrative services to the joint venture and will be paid market-based fees for those services.
sells commercial jet aircraft to airlines throughout the world. As of September 30, 2013, Aircastle´s aircraft portfolio consisted of 161 aircraft on lease with 68 customers located in 37 countries.
With USD129.5bn in net assets as of December 31, 2012, the Ontario Teachers´ Pension Plan invests the pension fund´s assets and administers the pensions of 303,000 active and retired teachers in Ontario. For more information, visit www.otpp.com and follow on Twitter @OtppInfo