13 May 2022
Investec partners with WNG Capital in air freight transaction
Investec Aviation Finance has partnered with WNG Capital LLC, a leading aircraft lessor focused on investing in mid-life and older narrow-body commercial aircraft and engines, on the financing of a Boeing 757-200F on lease to Icelandair.
The aircraft was recently acquired by WNG.
This is the first transaction between Investec and WNG.
“We are delighted to conclude our first transaction with WNG. Investec continue to be active in the financing of mid-life and end-life passenger and freighter aircraft which aligns with the WNG strategy. We see opportunity to partner together with WNG supporting their future growth” says Bradley Gordon, Head of Aviation Finance – Africa at Investec.
Gordon adds, “The cargo market remains robust. We have seen how the air freight traffic segment held up through the pandemic, benefitting from the shift to e-commerce and the need to move critical products, such as PPE and vaccines around the world,” he says. “Freighter aircraft are not as susceptible to border closures or other Covid restrictions as other sectors, such as business travel and tourism.”
“Demand has remained robust since then, with air freight being a way to circumvent the supply chain problems of sea ports, rail and road,” he says.
Al Nigro, Managing Partner and Co-Founder of WNG , commented, “We are very pleased to have established a relationship with Investec on the financing of this aircraft. Investec’s flexibility and approach made for a smooth and successful closing. We look forward to partnering with Investec as we continue to grow our portfolio.”
Watson Farley & Williams acted as lead counsel to Investec. Vedder Price acted as lead counsel to WNG.
About Investec Bank
Investec Bank Ltd. (“Investec”) partners with private, institutional, and corporate clients, offering international banking, investment, and wealth management services in two principal markets, South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,200+ employees. Investec has a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. Investec’s current market capitalization is approximately £3 billion. www.investec.com. For full regulatory disclosures, please click here.
About WNG Capital
WNG Capital LLC (“WNG”) is a leading aircraft investment manager dedicated to investing in mid-life and older narrow-body commercial aircraft and engines. Since its establishment in 2009, WNG has leased more than 70 aircraft and 15 engines to 40 airlines in 28 countries. WNG’s investors include state, municipal, and corporate pension funds, university endowments, financial institutions, and family offices. WNG team members have extensive aircraft investment management experience and strive to build long-term, mutually beneficial relationships with WNG’s airline customers and investors.