Kuwait City, Kuwait – ALAFCO Aviation Lease and Finance Company announced it signed an agreement with Aegean Airlines for the lease of two new Airbus A320-200 aircraft. The aircraft will be leased under a sale and leaseback agreement for a period of eight years. The recent agreement will increase the number of aircraft leased by ALAFCO to Aegean Airlines to four aircraft. Aegean Airlines is the flagship carrier of Greece and the largest airline in the country, currently operating a fleet of 45 aircraft comprising of Airbus A320-200 and A321-200. In 2013, Aegean Airlines acquired its domestic rival Olympic Air, making Olympic a subsidiary of Aegean.

ALAFCO Aviation Lease and Finance Company also announced the signing of a sale agreement with Britain’s Jet2.com airline for the sale of two Boeing B737-800 aircraft, previously leased to Russia’s Transaero Airlines. ALAFCO had invested in the two aircraft since 2004, and had generated a return of 14.7%. The recent transactions are in line with ALAFCO ’s strategy to invest in new aircraft, while reducing the amount of aging aircraft in its fleet – enhancing ALAFCO ’s operating performance.

ALAFCO is a Kuwait-based aircraft leasing company that is listed on the Kuwait Stock Exchange. ALAFCO ’s portfolio consists of 50 Airbus and Boeing aircraft, leased to 14 airlines in 13 countries across Europe, Asia, Africa, Latin America and the Middle East.