GECAS and Sculptor Capital Management (Sculptor) have announced the closing of STARR 2019-2. Under the terms of the transaction, GECAS is selling twenty in-production Boeing and Airbus narrowbodies to START III Ltd.
The diversified portfolio has an average aircraft age of 8.4 years and includes aircraft currently on lease to 17 airlines in 14 countries, with a total appraised value of approximately US$539 million.
START III Ltd. is financing its acquisition through its issuance of 144A/Reg. S debt and equity. Similar to the STARR 2018-1 transaction – the first aircraft portfolio purchase to include 144A tradeable equity and a dedicated asset manager for equity investors – and STARR 2019-1, an affiliate of Sculptor will serve as an asset manager and GECAS will continue to service the portfolio.
