Abu Dhabi, United Arab Emirates – January 28, 2021
Sirius Aviation Capital (“Sirius”), a global aircraft leasing platform based in Abu Dhabi Global Market, announced the acquisition of five (5) single-aisle, mid-life aircraft from BOC Aviation, a member of Bank of China Group (the “Acquisition”). As part of the Acquisition, Sirius has entered into a joint venture with Carolous Aviation Leasing LLC (“Carolous”), a portfolio company of Corrum Capital Management LLC (“Corrum Capital”). Corrum Capital is a US-based investment firm active in the aviation industry.
Sirius’ share of the joint venture was funded via its commitment from its anchor investor, Abu Dhabi Catalyst Partners (“ADCP”). ADCP is a joint venture between Falcon Edge (a US investment company) and Mubadala Investment Company P.J.S.C. (the sovereign wealth fund of Abu Dhabi).
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 commented on the transaction:
“We are pleased to have entered into a joint venture with Carolous to acquire these aircraft and avail of the attractive returns available in mid-life singe aisle aircraft leasing. Corrum Capital is an experienced aviation investor and an ideal partner. We have launched this joint venture via the purchase of five single aisle aircraft from BOC Aviation and the aircraft are a mix of the in-demand Boeing 737s and Airbus A320s and are leased to strong airline credits (four of the aircraft are in the US and one in the UAE). We look forward to working with the Corrum team over the coming years to acquire and lease more aircraft opportunities to generate attractive returns for our respective investors.”
The five aircraft are on lease to three different carriers: three Boeing 737 NG’s with Southwest (US), one A320 with Spirit (US) and one A320 with Etihad (UAE). The aircraft are on average 10 years old and have a remaining lease term of approximately four years.
Jason Cipriani, Co-Managing Partner of Corrum Capital, said:
“We are pleased to have entered into a joint venture with Sirius and ACDP to acquire this high-quality aircraft portfolio with strong airline counterparties. The strategy of the joint venture is consistent with our focus on mid-life narrowbody aircraft on lease to high quality airlines globally. Sirius has a highly experienced team, and we look forward to a continued mutually beneficial relationship.”
About Sirius Aviation Capital
Sirius Aviation Capital Holdings Limited is a global aircraft lessor based in Abu Dhabi Global Market (“ADGM”). Sirius deploys innovative strategies in the financing and acquisition of aircraft offering investors in its funds attractive, risk adjusted stable and transparent returns. Sirius primarily targets opportunities in mid-life short-haul aircraft.
About Corrum Capital Management LLC
Corrum Capital is an independent, private investment firm primarily focused on cashflow-oriented investment strategies with structural or collateralized downside protection. We take an active, dynamic role in the key decision making, risk management, and strategic direction of our portfolio companies and joint ventures. Corrum Capital is primarily focused on investments in transportation infrastructure including aviation, and specialty finance, including lending against assets in the sports, music, & entertainment space. https://www.corrumcapital.com/
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.ADCP has a dual mandate to achieve financial returns while also contributing to the overall development of the Abu Dhabi Global Market (“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/