Korean lessor Crianza Group has bought an Airbus A380 (msn o58) from German fund investors that had leased the aircraft to Singapore Airlines in 2011.
The lease was arranged and extended in 2020 by German company EastMerchant Capital, a partner in Crianza.
The aircraft was placed into storage when government travel restrictions aimed at slowing the Covid pandemic grounded the world fleet. The impact of the pandemic and changing market requirements created a difficult secondary market for this aircraft type, according to East Merchant, a partner in Crianza.
“With the lease end on the horizon and Singapore Airlines seeking to right-size its iconic A380 fleet, we saw an opportunity to structure a solution, where an early termination of the lease and a purchase of the aircraft by Crianza Group would generate a result, providing benefits to all parties involved, lessee, lessor and its financiers,” says Baldur Vander, chief executive of Crianza Aviation, which is part of Crianza Group
The aircraft is to be broken up for sale on the parts market. In a statement, EastMerchant Capital, a partner in Crianza, said that AMS Aircraft Services “ensured a smooth redelivery of the aircraft from Singapore Airlines to the lessor”, but also “played a key role in evaluating the commercial potential of the aircraft’s purchase”.
“This new initiative … is just one example of finding solutions in bespoke and highly structured lease transactions with widebodies. In this regard, being able to access funding within our group for an innovative project was a key to success and it demonstrates the strength of Crianza Group’s setup,” added Vander.
