ST Engineering’s Aviation Asset Management unit has signed a Letter of Intent (LoI) to lease up to five Airbus A321 Passenger-to-Freighter (P2F) aircraft to Global Crossing Airlines (GlobalX). As part of end-to-end aviation asset management solutions, ST Engineering will also provide maintenance services to these aircraft for GlobalX over the period of the lease.
Subject to the signing of definitive agreements, ST Engineering will acquire the five Airbus A321 passenger aircraft on its own or through its joint venture companies, and finance these aircraft through a mix of equity and non-recourse debt. These aircraft will be converted and maintained at ST Engineering’s global facilities, with the first A321 aircraft to be converted in April 2022 and placed on lease in 4Q2022. The remaining four P2F aircraft will be converted and leased to GlobalX progressively.
