Abu Dhabi, United Arab Emirates – June 14, 2021
Sirius Aviation Capital Holdings Limited (“Sirius”), a global aircraft lessor headquartered in Abu Dhabi Global Market (“ADGM”), announced that it has acquired ten (10) single-aisle, mid-life aircraft from BOC Aviation, a member of Bank of China Group during the current Covid-19 pandemic.
To acquire these aircraft Sirius entered into joint ventures with seasoned aviation investors Corrum Capital and HPS Investment Partners. Sirius’ share of the joint ventures 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).
Sirius commenced operations in ADGM during March 2020 and in just over a year has grown its fleet to 10 aircraft and over the next three years plans to grow its fleet to 100 aircraft. The acquisition underpins Sirius’ investment strategy of acquiring in-demand, single-aisle, mid-life aircraft that are globally on lease to strong airline credits, enabling investors to generate attractive risk adjusted returns.
Howard Millar, Chief Executive Officer of Sirius commenting on the growth of the business at ADGM said: “We are delighted to have grown our fleet to 10 aircraft during the worst year in the history of commercial aviation. 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.
The growth of our business during the most difficult year in commercial aviation history enhances the reputation of ADGM as a platform to launch an international business and transact with leading financial services counterparties on a global basis. We have been very impressed by the support and contribution of the ADGM team in the successful launch and growth of the business. It is further recognition of ADGM, and Abu Dhabi, as the “location of choice” for high-growth companies that want to establish a footprint in the region and develop their business on a global basis.
We also recognize and thank our anchor investor, Abu Dhabi Catalyst Partners(“ADCP”), for their foresight, vision, and the tremendous support given to the Sirius team.
We continue to see attractive investment opportunities in aviation as traffic volumes recover due to the global roll out of vaccines. Sirius’ 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.”
About Sirius
Sirius Aviation Capital Holdings Limited is a global aircraft lessor headquarterd in ADGM. Sirius deploys innovative strategies in the financing and acquisition of aircraft, offering investors attractive, risk-adjusted, stable, and transparent returns. Sirius primarily targets opportunities in mid-life short-haul aircraft. www.siriusavcap.com
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world. ADGM’s strategy is anchored by Abu Dhabi’s key strengths spanning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising four independent authorities: ADGM Authority, ADGM Courts, the Financial Services Regulatory Authority and the
Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
* Source: The Global Investor Middle East and North Africa (MENA) Awards
About Corrum Capital
Corrum Capital Management LLC is an independent, private investment firm with ~ $1.5bn of AUM and has co invested in 70+ aircraft. Corrum that takes an active and asset-level approach to cashflow-oriented investing. Corrum Capital currently has active investments in commercial aviation leasing, railcar leasing, and asset- and collateral backed lending, including lending to the sports and entertainment industries, real estate lending, and trade and receivables finance.
About HPS Investment Partners
HPS Investment Partners is a leading global investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. It manages various strategies across the capital structure that include syndicated leveraged loans and high yield bonds to privately negotiated senior secured debt and mezzanine investments, asset-based leasing and private equity. The scale and breadth of its platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At HPS’ core, it shares a common thread of intellectual rigor and discipline that enables it to create value for our clients, who have entrusted it with approximately $69 billion of assets under management as of April 2021.
About Abu Dhabi Catalyst Partners
Abu Dhabi Catalyst Partners is a joint venture between Mubadala Investment Company, based in Abu Dhabi, and Falcon Edge Capital, based in New York City. ADCP was established in April 2019 with a dual mandate to achieve financial returns while also contributing to the overall development of the ADGM. ADCP seek to partner with top-tier investment firms and industry leading businesses who would benefit from developing a meaningful and sustainable presence in the ADGM. https://www.adcatalystpartners.com/
For Further Information:
Nicholas McDonagh
Teneo
[email protected]
Tel +971 504572394
Brendan Murphy
Teneo
[email protected]
Tel +353 872051111