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Wizz Air and Jackson Square Aviation (JSA) announced the closing of a pre-delivery financing and sale and lease back transaction for three additional new Airbus A320 aircraft, all to be delivered in 2nd Quarter of 2011. This is the first agreement between Wizz Air and JSA, however the second transaction between Wizz Air and JSA’s management team.
The aircraft are included in the purchase contracts between Wizz Air and Airbus Industries for up to 107 A320 family aircraft. The aircraft will come with a single class configuration of 180 seats, consistent with Wizz Air’s unified A320 fleet, which is one of the most modern and youngest fleets in the region.
Under the terms of the transaction, JSA will take ownership of the aircraft upon delivery from Airbus and Wizz Air will then lease them back from JSA for an 11-year lease term. The deal allows Wizz Air to continue financing its impressive growth and also proves the robustness of its business model. It also allows JSA to capitalize on the advantages of the long standing cooperation between Wizz Air and Airbus and positions itself well in the fast-growing air travel markets of Central and Eastern Europe.
Jozsef Varadi, Chief Executive Officer of Wizz Air said: “The deliveries of new Airbus A320 continues to support our leadership position in Central and Eastern Europe. We are pleased to add JSA, an internationally-recognized lessor with a highly-regarded management team, into our diversified financing portfolio.”
"JSA is excited to support the growth of Wizz Air by financing these additional aircraft”, said Toby Bright, JSA’s Head of Marketing. “The low-cost airlines sector is exhibiting dynamic growth across Central and Eastern Europe, and Wizz Air is clearly leading that growth becoming one of the key strategic partners for us in our portfolio. Our fleet now includes over $1.5 billion in assets, between owned aircraft and commitments, and continues to grow with great airlines such as Wizz Air.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
