IAT Leasing (IAT) has announced the acquisition of two Boeing 737 aircraft currently leased to Canadian carrier WestJet, further expanding its managed aircraft portfolio and strengthening relationships with key industry partners.
The transaction includes one Boeing 737-800 (MSN 36690) and one Boeing 737-700 (MSN 36691), both manufactured in 2009 and acquired from Dubai Aerospace Enterprise (DAE). The aircraft were purchased on behalf of funds managed by two existing U.S.-based investors through a co-investment structure, marking the first time this acquisition model has been utilized within the IAT platform.
Under the agreement, IAT will continue to provide lease administration and asset management services for both aircraft.
The acquisition represents another successful transaction between IAT and DAE and also welcomes WestJet back as a lessee within the IAT-managed portfolio. The deal further strengthens IAT’s relationships with its equity investment partners and supports its strategy of investing in sought-after narrowbody aircraft assets.
Martin Browne, CEO of IAT, said the company was pleased to complete the transaction with DAE and to re-establish a relationship with WestJet as an airline customer.
“Welcoming WestJet back to our roster of airline customers is an exciting step for the platform and reflects our continued focus on acquiring liquid, in-demand narrowbody assets placed with high-quality global airline credits,” Browne said.
Magnus Stephensen, chairman of IAT, added that the acquisition aligns with the company’s long-term strategy of building a portfolio of durable aviation assets supported by strong airline operators
He noted that the transaction also broadens IAT’s trading relationship with DAE while further expanding collaboration with its equity partners.
