Aircastle, IBJ Leasing JV targets narrow-body aircraft investments

Aircastle Limited (NYSE: AYR) has formed an aircraft leasing joint venture with IBJ Leasing Co., Ltd., a Japanese general leasing company, which is part of Mizuho Financial Group.

The joint venture will be serviced by Aircastle, and will target investments in newer narrow-body aircraft leased to premier airlines.

It is expected the joint venture will purchase its first two aircraft from Aircastle and that future aircraft investments will be acquired directly. Aircastle will own 25 percent of the joint venture.

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of December 31, 2015, Aircastle´s aircraft portfolio consisted of 162 aircraft on lease with 53 customers located in 34 countries.