Magnetic MRO, a Total Technical Care and asset management organization, along with Crestline Investments, a US institutional alternative investment management firm, have announced the launch of a joint venture company that will focus on long and short-term aviation asset management and leasing – Magnetic Leasing.
The recently established JV specializes in mid-life Airbus A320 Family and Boeing 737 CL/NG, as well as engines and landing gear systems for narrow-body aircraft. By the end of 2020, Magnetic Leasing expects to have a portfolio worth $100 million under its management.
“Magnetic MRO with its universal mindset and global presence, already had various aviation assets that were acquired from our customers and partners, restored, and successfully remarketed. 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, amongst 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,” shared Alex Vella, Chief Operations Officer at Magnetic Leasing.
Currently, Magnetic Leasing already manages an asset portfolio which includes Airbus A320 FAM, Boeing 737 NG and Boeing 737 CL aircraft, as well as CFM56-3, CFM56-5B, CFM56-7B, V2500-A5, RB211-535 engines and multiple Airbus A320 FAM and Boeing 737 NG/CL landing gear sets. In five years, the company expects to manage at least 30 narrow-body aircraft and 20 engines.