Leo Varadkar, the head of Ireland’s government, has officially opened the new headquarters of international aircraft leasing company Avolon and announced details of a new aviation finance qualification.
The new premises, Number One Ballsbridge, will accommodate the majority of the 250-strong global workforce at Avolon, one of the largest aircraft leasing companies in the world.
Varadkar (pictured right) is officially known as An Taoiseach, a title given to the prime minister, chief executive and head of government of Ireland.
Dómhnal Slattery, Avolon CEO (pictured left), said: “This is an exciting time for our business and we are honoured that An Taoiseach is able to join us to celebrate another important milestone for Avolon.
“Over a relatively short period of time, Avolon has grown into one of the leading aircraft lessors in the world. Our new state of the art office reflects the scale of our ambition and represents another step towards achieving our objective of becoming the number one global lessor.”
Varadkar said: “I am extremely proud of our unique aviation heritage, and the important role the aviation sector plays in the Irish economy. Ireland is a leader in global aviation finance due to our highly skilled workforce, robust regulatory framework, competitiveness and pro-business policies.”
At the opening, he announced details of further investment in aviation finance, adding: “We are launching a Postgraduate Diploma in Aviation Finance and Leasing and an MBA in Aviation Management, as well as developing an Aviation Future Leaders programme.”
He said that aircraft leasing will also be an important focus of finance minister Michael D’Arcy as the government develops a new strategy for the international financial services sector.
Varadkar added: “Travelling the world, I know when looking to the skies that four out of every 10 aircraft are owned or managed from Ireland. Much of this is due to Avolon, an international success story with an Irish heart. It’s always great to see an Irish company going global. This will be the centerpiece of our economic strategy and future jobs programme in the years ahead.”
Last month, Orix Aviation announced it was to acquire a 30% shareholding in Avolon in a deal worth $2.2 billion.
On completion of the deal, the revised Avolon board will have two Orix directors, three directors from Bohai Capital, one independent director and Avolon CEO Dómhnal Slattery as executive director. The purchase is expected to complete in the fourth quarter of 2018.
In its recent Q2 update, Avolon revealed it had an owned and managed fleet of 562 aircraft, with total orders and commitments for 328 new technology aircraft, making it the world’s third-largest aircraft lessor in the $280 billion global aircraft leasing market. U.S.-listed AerCap and General Electric’s GE Capital Aviation Services are the world’s top two aircraft lessors, while Orix Aviation is the twelfth largest lessor.
HNA bought Avolon for $2.5 billion in 2015, through its Bohai division, and Avolon then purchased the aircraft leasing arm of CIT Group for $10.4 billion in 2016.
