June 22, 2018 / 8:55 AM / a month ago

Hong Kong's NWS Holdings JV to buy Ireland's Sky Aviation

HONG KONG (Reuters) - NWS Holdings Ltd (0659.HK) said on Friday Goshawk Aviation, its joint venture with Chow Tai Fook Enterprises, will buy Sky Aviation Leasing International Ltd (SALI), boosting the value of Goshawk’s fleet of owned, managed and committed aircraft to $9.1 billion.

Dublin-based SALI is a $3 billion business with a fleet of 51 owned aircraft, NWS said, without giving any dollar value for the deal.

NWS, the logistics and transport service unit of New World Development Co Ltd (0017.HK), said the deal is expected to close in the third quarter of 2018, pending regulatory approvals.

In a separate statement, Canada’s pension investment manager Public Sector Pension Investment Board and ATL Partners said they would sell SALI to Goshawk.

About 17 new lessees and six countries will be added to Dublin-based Goshawk’s portfolio, expanding its airline lessee base to 65 airlines in 35 countries.

The aviation leasing industry has emerged as a significant new asset class in recent years, but it faces challenges such as declining lease rates and tight returns for lessors, analysts said.

Reporting by Donny Kwok; Editing by Sherry Jacob-Phillips

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