The company said it had entered into a sale and purchase agreement with the buyer that was expected to close before the end of the month
Commercial aircraft leaser () has sold a 23-month old Airbus A321-200 aircraft to an Asian buyer in a push to diversify its portfolio.
The company said it had entered into a sale and purchase agreement with the buyer that was expected to close before the end of the month, with the price tag around the current market value for an aircraft of this type and age.
Jeff Chatfield, executive chairman of Avation, said the sale of the aircraft was “purely for risk management and portfolio diversification reasons”, adding that the sale was aimed at reducing financial exposure to one operator and jurisdiction.
Chatfield also said the company’s book value for the aircraft was materially lower than the current market value due to an “advantageous initial purchase”.
In late-afternoon trading Wednesday, Avation shares were up 0.8% at 252.5p.
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