28 Oct '11, 6am

GIC to invest in Avolon

SINGAPORE: The Government of Singapore Investment Corporation (GIC) said it is investing US$300 million in the international aircraft leasing group Avolon. GIC joins private equity firms Cinven, CVC Capital Partners and Oak Hill Capital Partners which together have invested a total of US$1.4 billion in the Ireland-based leasing company. The proceeds of Avolon's capital raising will be used to accelerate and fund its growth. GIC and Avolon said in a joint statement that Avolon's 88-strong fleet, spread over 18 countries, has an average aircraft age of 1.4 years, the youngest fleet of any aircraft lessor. "Avolon's objective is to reach a fleet size of 150 aircraft, valued at US$6 billion by 2014," the statement said. Aviation Week editor Leithen Francis said: "I think it is a good move. It is a good time to invest now when the market is at the peak of the cycle. "Also, it f...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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