Crestone Air Partners, an aviation asset management platform supported by Air T, has successfully acquired eleven Boeing 757-300 aircraft. This milestone transaction not only signifies substantial growth for Crestone but also underscores its capability to execute large-scale deals in niche aviation assets.
All 11 aircraft were procured under existing lease agreements with Condor Airlines, a German leisure airline established in 1955. Condor boasts a vast network spanning over 100 destinations across Europe, Africa and the Americas, serving more than ninemillion passengers annually. With a fleet comprising various aircraft types including A320-200s, A321-200s, A320neos, A321neos, A330neos and 757-300s, Condor stands as a key player in the aviation industry.
“We are delighted to welcome these Boeing 757-300 aircraft to our portfolio. This acquisition not only enriches our current holdings but also marks the beginning of an exciting partnership with Condor,” remarked Steve Williamson, Principal and Head of Trading at Crestone.
The funding for this transaction was facilitated by equity from Crestone and Atalaya Capital Management, a longstanding joint venture partner since 2021. Daniel Rosato, Managing Director of Atalaya Capital Management, expressed his satisfaction with the expansion of their collaboration, emphasising the transaction’s innovative approach and flexible investment strategy in commercial aviation.
Kevin Milligan, Chief Investment Officer at Crestone, emphasized the firm’s dedication to delivering value to its stakeholders through innovative leasing and trading solutions. He highlighted the importance of Crestone’s deep understanding of asset value, maintenance cycles, and lease dynamics in achieving optimal outcomes for investors.
Crestone’s unique advantage, known as the “Crestone Edge”, stems from its comprehensive grasp of aviation fundamentals and its ability to leverage Air T’s integrated platform. By harnessing the expertise and capabilities of related aviation subsidiaries, Crestone aims to maximise residual value and deliver superior outcomes for its clients.
