Norton Rose Fulbright has advised Qatar’s Lesha Bank on its acquisition of a portfolio of 33 commercial aircraft from Avolon, the Irish aircraft lessor, the law firm announced on 19 October.
The purchase was made through an investment structure on behalf of the Lesha Aviation Fund. The aircraft are leased to 25 airlines around the world, and once the deal completes the portfolio will be managed by Lesha Aviation Services. The transaction supports Lesha Bank’s strategy of building a Shari’a-compliant aviation investment platform around income-generating assets.
Avolon and Lesha Bank first announced the agreement on 28 September. According to Avolon, the deal will take the fleet managed by Lesha Aviation Services to more than 75 aircraft. Neither side disclosed the price.
The legal team
Norton Rose Fulbright advised Lesha Bank on all aspects of the transaction. Its multi-jurisdictional team was led by partners Leo Fattorini in Singapore and Alex Blaney and Andrew Williams in London, with counsel Chris Healy in Hong Kong and senior associate Chiranj Shah in London, supported by more than 20 other lawyers across Europe, the Middle East, Africa and the US.
“We are delighted to have supported Lesha on this significant acquisition,” Fattorini said. “The transaction demonstrates the continued strength of the aviation leasing market and investor appetite for high-quality aircraft assets. It also highlights Lesha’s growing presence in the sector and its commitment to building a diversified aviation investment platform.”
Norton Rose Fulbright’s aviation practice works with airlines, banks and financiers, lessors, insurers, export credit agencies, governments and regulators, and the firm says it holds ten Tier 1 rankings in the Chambers and Legal 500 directories. The firm has more than 3,000 lawyers worldwide.
Both sides of the deal
When the sale was announced, Avolon’s chief executive, Andy Cronin, said: “Aircraft trading is a core part of Avolon’s strategy, enabling us to actively manage our portfolio, realise value and recycle capital.” Avolon’s fleet stood at 1,117 owned, managed and committed aircraft at 30 June 2026, serving 138 airlines in 60 countries, according to the lessor.
Mohammed Ismail Al Emadi, group chief executive of Lesha Bank, said: “Adding a portfolio of this calibre, with established lessees and a strong technology mix, reinforces the resilience and long-term earnings profile we are targeting.”
The acquisition comes amid growing appetite for aviation assets among Gulf investors, particularly entities backed by sovereign wealth funds, Reuters reported. Earlier this year Lesha Bank made an unsuccessful bid for the aircraft leasing platform Macquarie AirFinance, which was bought by Dubai Aerospace Enterprise in a deal valued at $9bn.
