Magnetic MRO and Crestline Investments have launched a joint venture (JV) company to focus on long- and short-term aviation asset management and leasing, called Magnetic Leasing.
The JV will specialise in mid-life Airbus A320 Family and Boeing 737 CL/NG aircraft, along with engines and landing gear systems for narrowbody aircraft.
By the end of 2020, Magnetic Leasing expects to have a portfolio worth $100 million under its management, and in five years the company expects to manage at least 30 narrowbody aircraft and 20 engines.
Chief Operations Officer at Magnetic Leasing, Alex Vella, explained that Magnetic MRO already had various aviation assets acquired from customers and partners, restored and successfully re-marketed.
Vella said: “As 2020 was approaching, there was a strategic decision made to continue diversifying our business in order to ensure further growth in the next decade. Thus, we decided that, among other business objectives, we need to expand our asset management activities, and teaming with Crestline Investments as our partners in this endeavor, created Magnetic Leasing.”
“We are extremely confident that the expertise & talent of our joint team will drive Magnetic Leasing to establish a $500 million portfolio by 2025,” he continued.
Magnetic Leasing currently manages an asset portfolio including Airbus A320 FAM, Boeing 737 NG and Boeing 737 CL aircraft, as well as CFM56-3, CFM56-5B, CFM65-7B, V2500-A5, RB211-535 engines, as well as multiple Airbus A320 family and Boeing 737 NG/CL landing gear sets.