DVB Bank, Mitsubishi Corporation (UK) and Engine Lease Finance have formed a joint venture company, Deucalion MC Engine Leasing Limited, incorporated in Ireland, for the purpose of investing in commercial aircraft engines subject to leases with airlines worldwide. The joint venture company has completed its first portfolio acquisition, consisting of seven commercial aero engines which were acquired from ELF during December 2009 and March 2010. The portfolio comprises IAE V2500, CFM56-5/-7 and CF6-80 engine types on operating leases with carriers from Europe, the Middle East, Asia and the Americas.
The leases range in term from one to four years and have a staggered maturity profile. ELF retains lease management and remarketing responsibility. Under the terms of the agreement, DVB and MCUK are the joint senior debt providers and Deucalion funds (managed by DVB
