Irish lessor Avolon has agreed to sell 33 commercial aircraft — a portfolio spanning Boeing 737 MAX 8s, Airbus A330s and A350s, currently leased to 25 airlines worldwide — to Qatar-based Lesha Bank in a transaction valued at $1.609 billion.

Both companies confirmed on September 28, 2026 that they had signed a sale and purchase agreement. A subsequent filing by Avolon's parent, Bohai Leasing, on the Shenzhen Stock Exchange identified the buyer as LAC Leasing Ireland 1, an entity Lesha Bank established specifically to execute the transaction.

The disclosed value of the 33 aircraft is $1.609 billion, although the filing notes the final selling price will be determined through negotiation between the two parties. Payment will be made aircraft by aircraft: upon delivery of each jet, the corresponding sum transfers to a designated bank account of an Avolon subsidiary or an entity with aligned economic interests. All 33 aircraft are expected to be delivered by March 31, 2027.

What is in the portfolio

The deal splits into 22 narrowbodies, nine widebodies and two regional jets. The narrowbody tranche comprises eight A320s, three A321s, eight Boeing 737-800s, 737 MAX 8s and a single A320neo-family aircraft. The widebody tranche consists of five A330s, one A330neo and three A350s. Two ERJ190 regional jets round out the portfolio.

The mix matters for both parties. For Lesha Bank, the acquired aircraft are mid-life and current-generation assets with established lessees across 25 operators — a spread that diversifies counterparty risk while offering in-production types such as the MAX 8, A320neo series, A330neo and A350 that hold residual value better than outgoing models. For Avolon, the sale frees capital tied up in seasoned aircraft, consistent with its stated strategy of trading assets to maintain a young fleet.

Strategic positioning

The Bohai Leasing filing was explicit about the financial rationale from the seller's side. "This transaction will help optimize the company's aircraft asset structure, maintain a youthful, leased fleet, and have a positive impact on the company's current and future annual profits," the filing stated.

For Lesha Bank, the acquisition expands a Shari'a-compliant aviation investment platform managed through Lesha Aviation Services. Group CEO Mohammed Ismail Al Emadi framed the deal as a scaling move: "This acquisition reflects the disciplined approach we have taken to building scale in aviation leasing. Adding a portfolio of this caliber, with established lessees and a strong technology mix, reinforces the resilience and long-term earnings profile we are targeting across our Shari'a-compliant aviation portfolio. Managed through Lesha Aviation Services we expect this portfolio to deliver stable, diversified returns for years to come."

Avolon CEO Andy Cronin positioned the sale within the lessor's capital-recycling model. "We are pleased to partner with Lesha Bank on this significant transaction. Aircraft trading is a core part of Avolon's strategy, enabling us to actively manage our portfolio, realise value and recycle capital," Cronin said. "This agreement reflects the continued strength of investor demand for aviation assets and the scale and capabilities of Avolon's global platform."

The joint statement from the two parties went further on market conditions, saying the agreement "demonstrates the depth of institutional capital seeking exposure to leased aircraft and the continued strength of demand for high-quality aviation assets."

Capital rotation, not fleet contraction

The transaction signals portfolio management rather than retrenchment for Avolon. Selling seasoned aircraft on lease to 25 operators converts equity locked in existing assets into liquidity that can be redeployed — a model lessors use to fund new-technology orders while keeping average fleet age low. The staggered payment structure, tied to individual aircraft deliveries through March 2027, spreads the cash inflow across roughly six months from signing.

For Gulf institutional investors, the deal marks another entry into aircraft ownership through established Irish leasing structures — LAC Leasing Ireland 1's incorporation in Ireland places the acquisition within the jurisdiction that hosts most of the world's lessor fleet. Lesha Bank's stated goal of stable, diversified returns from leased aircraft aligns with the asset class's appeal to institutional capital: long-duration contracted income from a globally distributed operator base.

With delivery of all 33 aircraft due by March 31, 2027 and the final price still subject to negotiation, the transaction's ultimate value to both parties will become clear only as individual transfers complete and the lessee roster transitions to the new owner.