The TrueNoord and Nordic Aviation Capital deal includes four Dash 8-400s, three E175s, and four E190s, bringing TrueNoord’s fleet to a total of 87 aircraft.
TrueNoord, the specialist regional aircraft lessor has finalized a sale agreement for 11 aircraft with Nordic Aviation Capital (NAC), further expanding its portfolio of new and young turboprop and regional jet aircraft. The deal includes four Dash 8-400s, three E175s, and four E190s, bringing TrueNoord’s fleet to a total of 87 aircraft. The transaction involves collaborations with Australian airline Aviair and European lessee airlines LOT and Widerøe. Additionally, it strengthens TrueNoord’s footprint with existing North American airline customers, Air Canada and Breeze Airways. The integration of all 11 aircraft is expected to be completed in Q1 2024.
This sale agreement marks the second significant transaction between TrueNoord and NAC, following TrueNoord’s acquisition of 10 Embraer jets from NAC earlier in 2023. Richard Jacobs, Chief Commercial Officer at TrueNoord, highlighted the positive working relationship and streamlined processes achieved in their previous collaboration, contributing to the efficiency of this subsequent deal.
Richard Jacobs, Chief Commercial Officer, TrueNoord said, “During the previous 10 aircraft bilateral deal with NAC,both parties found synergies in our diligence, novation and closing procedures. Trust on execution certainty has grown and our teams have established positive working relationships, together finding creative solutions to matters arising during closings. I expect this to make the execution of this second transaction faster and simpler than the first.“
The transaction underscores the strategic growth paths for both companies and emphasizes TrueNoord’s commitment to the regional aircraft leasing sector. Despite economic pressures and the lingering effects of COVID-19 on parts of the industry, TrueNoord has secure funding and a robust internal team, positioning it for balanced and structured growth.
Richard Jacobs, Chief Commercial Officer, TrueNoord said, “It is admirable how the NAC team have focused on this transaction with so many other deals under simultaneous execution. We have appreciated the quick decisions and pragmatic approach, from both sides, to streamline the process.The regional aircraft market has sprung back and demand is outstripping the true availability of aircraft, with assets grounded largely due to a combination of return conditions and supply chain delays. So, we are seeing a positive trend of values and lease rents and expect this trend to continue, as the supply chain remains tight and issues impact the new generation of narrowbody aircraft. Another influencing factor is that many network operators have relied on their regional network during COVID and they are continuing to use their regional aircraft to right size their fleet and generate better yields.”
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TrueNoord operates as a fast-growing regional aircraft leasing company with a global presence, including offices in Amsterdam, Dublin, London, and Singapore. The company provides leasing and lease management services, specializing in the regional aircraft sector. TrueNoord focuses exclusively on investing in the latest technology turboprops and regional jet aircraft, recognizing the critical role of regional aircraft in connecting remote locations to larger urban areas, providing feeder services to major hubs, and meeting carriers’ lower demand off-peak services in a growing global market.
