Investec Aviation Finance (“Investec”) has closed a $40m facility with Corrum Capital and Icelease. The funding will finance the acquisition of three 2005 vintage Boeing 737-800 aircraft with sub-leases to WestJet Airlines. The facility will also facilitate the freighter conversion process of the aircraft.

The aircraft are being acquired by a joint venture between Corrum Capital and Icelease, set up to capture aircraft cargo conversion opportunities. This JV is an expansion of an existing partnership between Corrum and Icelease.

Corrum Capital Management LLC is a US-based, independent, private investment firm that takes an active and asset-level approach to cashflow-oriented investing, with an emphasis on downside protection, low market correlation and diversifying characteristics.

Icelease is a full-service aircraft lessor and aircraft trading facilitator, specializing in structuring aircraft investment projects.

The facility demonstrates Investec Aviation’s asset knowledge and ability to provide innovative and bespoke solutions, with the facility having a re-drawable element to cover any capital needs during the conversion process and related maintenance work. The facility also incorporates a remarketing period to allow Corrum Capital and Icelease to place the converted aircraft on lease.