Hong Kong company takes over Allco’s aviation assets

Hong Kong Aviation Company announced on January 19 that it plans to grow its business significantly over the short term after completing the acquisition of failed lessor Allco’s aviation business.

The transaction has seen HKAC, which is a joint venture between Hainan Airlines’s parent company HNA Group and private equity firm Bravia Capital, take on an asset portfolio worth $3bn, while the existing Allco aviation management team has been retained. The company will keep its headquarters in Hong Kong, and establish offices in Sydney, New York and London.

“We have a long term view to deploy significant capital in the Asia-Pacific eegion and Australia features prominently,” said HKAC chairman Adam Tan. “As part of this we look forward to consolidating the existing lease management business and building out the Allco platform in order to achieve our goal of establishing ourselves as a leader in the global aircraft leasing marketplace.”