Falko Regional Aircraft Ltd, which took over BAE Systems’ asset management business and its portfolio of regional aircraft in July, introduced its management team at a media event on 4 August. All are current or past Asset Management employees, including Chief Executive Officer Jeremy Barnes, Executive Vice President Paul Stirling (who has headed the Asset Management business for the past 10 years), Chief Financial Officer Martin Brennan, Executive Vice President Treasury Mark Hughes, Executive Vice President Portfolio Strategy James Greenstreet, and Chief General Counsel Sarah Dichlian. Mr Barnes, Mr Stirling, and Ms Dichlian were part of the team that established what was then known as the Asset Management Organisation in 1993.
Falko will continue the strategy of selling assets when appropriate, leasing assets where possible and extending leases with key customers. The portfolio that Falko took over includes 103 jets – including 89 BAe 146s and Avro RJs – and 40 turboprops, with 14 lease customers in 11 countries, making Falko the world’s second largest regional aircraft lessor. “The BAe 146/Avro RJ, which make up the bulk of the value in the portfolio, are wonderful products with a long life ahead of them,” said Mr. Barnes. He added: “They are reliable, have great performance and utility and because of their low acquisition or lease costs have competitive economics in a variety of different market sectors.” A long-term agreement has been signed with BAE Systems for the provision of a comprehensive range of support and engineering services for the BAE Systems-built aircraft in the Falko lease portfolio.
At the event, Falko announced several new deals involving BAe 146s, including the sale of a series 200 to Indonesia’s Aviastar Mandiri and of two series 300s to Ghanaian start-up Starbow, and the lease of a series 200 to Romania’s Romavia. The series 200 for Romavia (msn E2062) and the first series 300 for Starbow (msn E3125) have already been delivered; the second series 300 for Starbow (msn E3123) and the series 200 for Aviastar (msn E2227) should be delivered in the coming weeks.