In a statement, the commercial passenger aircraft leasing company said it has acquired a Boeing 777-300ER (Extended Range) twin-aisle aircraft from another lessor and is scheduled to deliver it to Philippine Airlines Inc.
The firm said the acquisition of the aircraft is expected to be completed by the end of the fourth quarter of 2017 and the lease is long-term at market rate financial terms.
Avation’s executive chairman Jeff Chatfield commented: "We have been seeking to grow and diversify our portfolio of aircraft and a new Boeing 777-300ER aircraft advances these objectives.”
In a separate announcement, Avation also announced the purchase of one Airbus A330-300 aircraft from another lessor, which is currently on long-term lease to EVA Air of Taiwan.
It said the acquisition of the approximately 23 months old aircraft has been agreed at market rate and is expected to be completed by the end of the fourth quarter of 2017.
Chatfield commented: "With the acquisition of this second twin-aisle aircraft, Avation will have progressed on our 11 year evolution from narrowbody jet lessor into a full-service commercial aircraft lessor with turboprop, regional jet, narrowbody jet and twin-aisle aircraft in its fleet along with a suitably qualified management team."
-- Updates with second aircraft purchase --